live
Share

Markets WRAP: Rand closes at R13.88/$

accreditation
Last Updated
Live News Feed
Go to start

23 Jul 2019

The rand closed at R13.88 to the greenback on Tuesday afternoon.

The day's range was between R13.85 to R13.95.

23 Jul 2019

The rand weakened after Finance Minister Tito Mboweni’s comments on Eskom's bail out, declining as much as 0.6% to R13.9499 against the dollar, while yields on government bonds due 2030 climbed the most in six weeks.
READ MORE

23 Jul 2019

JSE up 0.6%, US index futures rise

Laura Curtis, Bloomberg, with Fin24

US equity futures rose alongside stocks in Europe and Asia Tuesday amid a busy week of corporate earnings and encouraging signs for a US debt-ceiling deal and trade negotiations. 

Oil stabilised and the dollar climbed.

The JSE All-Share index was up 0.6% at 12:30, while the rand was 0.15% weaker against the dollar at 13.88. 

Futures on the S&P 500, Dow Jones and Nasdaq pointed to a solid green open after President Donald Trump said he would support a deal to suspend the US government’s borrowing limit and boost government spending levels for two years. The Stoxx Europe 600 gained after upbeat reports from heavyweights including UBS, Santander, Hermes and AMS.

The benchmark’s index of carmakers rose as much as 3.3%, buoyed by positive news on BMW, Faurecia and Daimler. The British pound added to losses before the announcement of Prime Minister Theresa May’s replacement, likely to be former Foreign Secretary Boris Johnson. The dollar rose for a fourth day and Treasury yields edged higher.

23 Jul 2019

The rand is a touch weaker this morning despite being the star emerging market performer yesterday, trading down to R13.82 levels before closing at R13.85 to the greenback. By 09:36, the local unit was changing hands at R13.87 after opening at R13.93 on the back of the stronger dollar.

"Wall Street closed stronger yesterday on expectations of good earnings reports from Facebook, Amazon and Alphabet out this week and ahead of the FOMC," said TreasuryONE in a morning note to clients. "Asian stocks have also closed in the green with tech stocks leading the way. The JSE was down yesterday with all sectors closing in the red."

Meanwhile, the pound remains under pressure from both a stronger dollar as well as Brexit uncertainty.

"Boris Johnson is widely expected to be confirmed as the new leader of the Conservative Party this morning and as UK Prime Minister tomorrow," says TreasuryONE. "There is a concern that he will pull Britain out of the EU on October 31 with no Brexit deal in place. The Pound is currently trading weaker ..."

The euro has also fallen below the 1.1200 level to 1.1195 this morning as the dollar firms ahead of the Fed FOMC meeting next week.

"The ECB monetary policy meeting this week is expected to reinforce their dovish stance and markets are anticipating a September rate cut as the ECB tries to stimulate growth and stoke inflation."

TreasuryONE said gold lost a bit of ground overnight in the face of the stronger dollar and is currently quoted at $1 417.00. Oil is unchanged at $63.30 as tensions in the Middle East continue, it said. 

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.1%
Rand - Pound
23.92
-0.0%
Rand - Euro
20.42
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders