End of looting sees rand stabilise

 End of looting sees rand stabilise

End of looting sees rand stabilise.

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THE rand sighed with relief as a modicum of calm started to settle in after a week of violent looting, with the N3 highway – a key trade corridor – declared “open for business”, according to NKC Research.

This came after 25 000 troops were deployed to quell indiscriminate looting concentrated in the provinces of KwaZulu-Natal and Gauteng.

At the close of local trade on Friday, the rand appreciated 0.9 percent, at R14.40/$, after trading in range of R14.34/$ to R14.58/$. The rand traded flat overnight. The expected range of the rand against the dollar today is R14.30/$ to R14.60/$.

The JSE All Share (-1.5 percent) ended weaker on Friday, as resource shares (-3.4 percent) weighed down the bourse due to a stronger dollar driving down prices of selected metals. In the overall emerging market sphere, the MSCI Emerging Market Index (-0.6 percent) deteriorated.

The Brent oil price continued to decline on Friday, as expectations of an increase in supply added downward pressures. At the close of local trade, benchmark Brent crude futures declined by 0.5 percent, ending at $72.9pb. Crude prices extended losses during Asian trade this morning.

Chris Louw

https://sashares.co.za/

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

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