The rand slipped to R14.17/$ after closing near R14.04/$ yesterday. The strengthening dollar further supported rand hedge stocks, with Richemont [JSE:CFR] climbing 0.73% to R130.34 per share.
The JSE All-Share Index closed the day 0.17% firmer, matched by the blue-chip JSE Top-40 Index. The Industrials Index edged 0.13% lower whilst the Financials Index gained 0.26% and resources gained 0.89%.
Platinum producers emerged as the frontrunners, with Lonmin [JSE:LON] +5.07% to R19.48 , Implats [JSE:IMP] +3.21% to R39.22, and Anglo American Platinum [JSE:AMS] +1.30% R265.09. The platinum index gained 1.61% overall as miners react to stronger platinum prices and the weaker rand.
South African labour force data released today showed that unemployment rate remained unchanged at 27,7% in the third quarter as the labour force increased, while the labour absorption rate remained steady.
The formal sector employment increased by 1,7% over the quarter, manly driven by increased employment in the financial as well as community and social services industries, while the informal sector recorded job losses. The statistics provide further evidence that general economic conditions remain subdued and the economy is struggling to create jobs
Brent Crude continued its climb, trading at $61.01/bbl at the close of the local session. Sentiment remains largely bullish in the commodity as geopolitical uncertainties stem from the conflict between the Kurds and Iraqis, North Korea's nuclear ambitions, and the potential for President Trump to decertify the Iran nuclear deal. Another positive factor is the upcoming OPEC meeting at the end of November where many expect the agreement limiting crude oil output to be extended beyond March 2018
China's official manufacturing PMI missed expectations in October, coming in at 51.6, with both production and demand falling during a week-long national holiday. Activities in the energy and manufacturing industries also slowed due to the country's crackdown on pollution in some regions. The official services PMI meanwhile fell to 54.3 from 55.4 in September, according to the National Bureau of Statistics
In the US, Janet Yellen is likely presiding over one of her final meetings as the FOMC begins its latest two-day policy get-together. Fed Governor Jerome Powell is widely expected to be named chair; he has been seen as closest to Yellen of all the candidates and is set on normalising interest rates.