The rand strengthened somewhat during Friday’s European session, according to NKC Research. Photographer: Nadine Hutton/Bloomberg
The rand strengthened somewhat during Friday’s European session, according to NKC Research. Photographer: Nadine Hutton/Bloomberg

Rand trades weaker overnight

By BR Reporter Time of article published Sep 6, 2021

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The rand strengthened somewhat during Friday’s European session, according to NKC Research.

This week will be a busy one on the data front, with GDP, current account, business confidence and manufacturing data all slated for release.

Last week saw some favourable data releases, with indications that the economy is moving on from the devastating riots and looting that shocked the country in July.

However, the knock to business and consumer confidence could be more enduring, especially if there is no real indication that the drivers behind, or the orchestrators of, the instability are addressed.

At the close of local trade on Friday, the rand quoted 1.17 percent stronger at R14.27/$, after trading in range of R14.25/$ - R14.49. The rand traded weaker overnight. The expected range of the rand against the dollar today is R14.20/$ - R14.50/$.

South African bourse

The JSE All Share (-0.42 percent) ended Friday in the red as technology (-1.35 percent) and industrials (-1.14 percent) dragged the local bourse lower. Retailer Truworths (-12.18 percent) suffered the biggest loss on Friday, as its overseas performance disappointed even as it announced positive news on the domestic front. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.3 percent) traded higher.

Brent crude oil

The Brent oil price traded lower on Friday, as a weaker-than-expected US jobs report outweighed upward pressure events, such as 1.7 million barrels per day remaining offline in the Gulf of Mexico following Hurricane Ida. At the close of local trade, benchmark Brent crude futures quoted 0.27 percent lower at $72.95pb. Crude prices traded lower during Asian trade this morning.

BUSINESS REPORT ONLINE

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