The rand strengthened against the major currencies in early trade on Monday as comments by the public protector on the policy of the Reserve Bank faded into background noise and the focus shifts to market fundamentals.
By 10 am the local unit had strengthened 0.6% against the Dollar and 0.3% against the Euro and 0.2% against the British pound, trading at:
R12.87 against the US Dollar
R14.41 against the Euro
R16.37 against the British pound
The local bourse was trading weaker in early trade with the all share index down 0.1% and the top 40 index down 0.3%. Some of the big movers saw Master Plastic’s share price gain 8.4% in early trade, while Esor stock was down 8.7%.
The UK stocks gained ground in early trade as oil prices continued their rebound.
The FTSE was up 0.5%
Major U.S. benchmarks saw mixed results overnight.
The NASDAQ was up just 0.4%.
The Dow Jones was down 0.1%.
Asian stocks were trading stronger in early trade.
The Nikkei was up 0.1%
Hang Seng up 0.7%
Market factors to watch out for today:
No major economic data expected to be released today. However, this will be a busy week on the data front. We expect the following data to be released in the course of this week:
- First-quarter employment figures to be released tomorrow.
- Private Sector Credit for May expected to be released on Thursday
- Producer Price Index (PPI) on Friday
- The Balance of Trade data also expected on Friday.
BUSINESS REPORT TV