Business

WATCH: Rand steadies overnight

WATCH: Rand steadies overnight

JOHANNESBURG - The South African currency benefited from an improvement in risk sentiment while an in-line inflation print reduced the probability of another repo rate cut according to NKC Research.

Risk appetite returned as China vowed to tighten containment measures surrounding the coronavirus, with the outbreak stoking fears of a global pandemic earlier this week. At the close of local trade, the rand quoted 0.47 percent stronger at R14.38/$, after trading in range of R14.38/$ - R14.50/$. The rand steadied overnight. Expected range today R14.20/$ - R14.45/$.

South African bourse

The JSE All Share (-0.1 percent) ended in the red following a steep sell-off during the previous session. The share price of Shoprite (+2.77 percent) rose after the retailer reported that its total merchandise sales increased by 7 percent to around R81.2bn during the six months to 29 December 2019. Meanwhile, Naspers (+0.64 percent) said it sold around 22 million shares (worth around €1.5 billion) of its the Amsterdam-listed subsidiary Prosus via an accelerated bookbuild to institutional investors. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.58 percent) traded stronger.

Brent crude oil

The Brent oil price traded on the back foot, after the head of the International Energy Agency (IEA) predicted a market surplus of 1 million bpd in H1 2020. At the close of local trade, benchmark Brent crude futures quoted 1.46 percent lower at $63.38pb. Crude prices traded weaker during Asian trade this morning. 

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