Rand regains traction after early losses. The South African currency regained traction after sustaining earlier losses due to a broad selloff in emerging market currencies. Disappointing Chinese data releases and fears over slower global economic growth, amid an ongoing trade row between the US and China, saw the rand start 2019 on the backfoot. The rand traded stronger against the US dollar during European trade yesterday.
At the close of local trade, the rand quoted 0.4 percent stronger at R14.46/$, after trading in the range of R14.42/$ – R14.68/$. The rand traded stronger overnight. Expected range today R14.15/$ – R14.45/$.
The JSE All Share (+0.6 percent) ended higher yesterday led by gains in large retail (+1.4 percent) and industrial (+0.9 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.6 percent) traded lower. In local news, Sasol (+2.7 percent) shares rose, in step with a stronger international oil price
Brent crude oil
The Brent oil price soared yesterday, on the back of initial dollar weakness and signs of Saudi crude output cuts. At the close of local trade, the benchmark Brent crude futures quoted 2.3 percent higher at $55.59/pb. Crude prices climbed higher during Asian trade this morning.
Source: IOL News