Africa-Press – South-Africa. JOHANNESBURG – The rand remained on the front foot as risk-on trade gathered momentum with the open of trading in London and Europe according to NKC Research.
South Africa’s Department of Public Enterprises indicated on Wednesday that national carrier SAA may exit administration later this month, while a decision on an equity partner may be made by end-March after numerous potential partners submitted expressions of interest.
At the close of local trade, the rand quoted 0.10 percent firmer at R14.96/$, after trading in range of R14.89/$ – R15.03/$. The rand ran out of momentum overnight. The expected range of the rand against the dollar today is R14.90/$ – R15.20/$.
South African bourse
The JSE All Share (+0.44 percent) ended in positive territory thanks to gains in most subsectors, apart from large gold mining stocks (-0.11 percent). In the overall emerging market sphere, the MSCI Emerging Market Index (-0.89 percent) traded lower.
Brent crude oil
The Brent oil price extended gains yesterday following an unexpected drawdown in US crude stockpiles. Market sentiment was further boosted by news that Democrats were preparing the process to pass US President Joe Biden’s $1.9 trillion Covid-19 relief plan.
At the close of local trade, benchmark Brent crude futures quoted 1.0 percent higher at $58.02pb. Crude prices traded firmer during Asian trade this morning.
BUSINESS REPORT ONLINE
