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By Dhivana Rajgopaul 
2h ago
JOHANNESBURG – The South African currency traded at the forefront, fueled by an improved market mood as US President Trump accepted the beginning of the transition to a Biden administration according to NKC Research.
The green light was given for a transition despite Trump’s plans to continue with legal challenges. On local soil, the government announced that it will pay 500 million rand ($ 33 million) for the Covid-19 vaccine distribution plan co-directed by the WHO, having submitted an unattached confirmation of its intention to participate.
Reuters indicated that the scheme that the Finance Ministry was referring to is the COVAX vaccine distribution scheme, which is the main partnership scheme led by WHO “to ensure global access to vaccines.”
At the close of local trade, the rand was trading 0.39 percent stronger at R15.36 / $, after trading in the range of R15.31 / $ – R15.45 / $. The rand traded flat overnight. Expected range today R15.00 / $ – R15.40 / $.
South African Stock Exchange
JSE All Share (+1.08 percent) finished higher in the risk trade yesterday, with large financial stocks (+2.97 percent) leading the charge. In the general emerging markets sphere, the MSCI Emerging Markets Index (-0.35 percent) traded lower.
Brent crude oil
The price of Brent oil reached its highest level since March yesterday, fueled by hopes that positive vaccine developments could lead to a faster global economic recovery. At the close of local trade, benchmark Brent crude futures were trading 2.44 percent higher at $ 47.09bp. Crude prices increased their gains during Asian trading this morning.
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