The rand reversed some of its previous session losses in early trade this morning as emerging market rallied in early trade. By 10 am the local unit had firmed 0.67% against the Dollar and 0.94% against the Euro and 1.3% against the British pound, trading at:
R13.33 against the US Dollar
R15.21 against the Euro
R17.16 against the British pound
The local bourse inched lower in early trade with the all share index and the top 40 index both up 0.1% in early trade. Some of the big movers saw Ellies share price gain 13% in early trade, while Advanced Health stock had tanked by 10% in early trade.
European markets: The FTSE was stronger in early trade up 0.3% buoyed by an improved demand in UK financials and firmer energy prices.
US markets: Major U.S. benchmarks were stronger overnight. The NASDAQ was up 1% while the Dow Jones was down 0.4%,
Asian stocks were trading stronger in early trade as China Inflation data met market expectations.
The Nikkei was up 0.7%
Hang Seng was down 0.6%
Market factors to watch out for today:
No major economic data is expected today. However, we expect a bumper week with regards to data this week with the manufacturing production, mining production and inflation figures all expected this week.
BUSINESS REPORT ONLINE