THE rand strengthened as US consumer sentiment data dented the dollar while, on home soil, the new finance minister indicated that South Africa would stay the course of consolidation, according to NKC Research.
The newly appointed minister of finance, Enoch Godongwana, said the ministry would stick to the fiscal framework, alleviating some concerns that the consolidation-focus might be shifted towards a greater growth-focus at the cost of debt metrics.
At the close of local trade, the rand quoted 0.4 percent stronger, at R14.74/$, after trading in range of R14.73/$ to R14.88/$. The rand traded sideways overnight. The expected range of the rand against the dollar today is from R14.60/$ to R14.80/$.
South African bourse
The JSE All Share (-0.02 percent) ended lower on Friday, with technology (-1.1 percent), industrials (-0.3 percent) and telecommunications (-0.5 percent) closing in the red at the end of last week. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.8 percent) traded lower.
Brent crude oil
The Brent crude price held above $70 a barrel on Friday, broadly shrugging off a warning from the International Energy Agency that the spread of coronavirus variants is slowing oil demand growth. At the close of local trade, benchmark Brent crude futures quoted 0.7 percent higher, at $71.13pb. Crude prices traded on the back foot during Asian trade this morning.
BUSINESS REPORT ONLINE