Stock markets struggled on Friday as hopes of quickly finding a treatment for coronavirus were dashed, analysts said, and more crushing economic data delivered a body blow to confidence.

Equity markets have rallied Monday as countries eased coronavirus lockdown measures, but oil prices tumbled as a supply glut offset output cuts.

The precious metal eased for a third day after US equities hit the highest in almost seven weeks as states including Florida took steps toward easing restrictions.

Global markets rallied on the back of optimism that most governments were gearing up to at least partially reopen their economies following lockdowns to prevent the spread of the coronavirus.

The surge in stocks was on the back of positive news from trials being conducted on a potential treatment for the coronavirus. With most economies looking to partially reopen their economies, this brought a jump across most asset classes including commodities.

Unprecedented demand for online services and entertainment during the Covid-19 pandemic lockdowns, along with a scramble for haven investments, have helped set South African stocks on course for a record month.

The local bourse had managed to open firmer following a rally in Asian stocks in earlier trading.

Stock markets plunged on Thursday after economic growth data confirmed fears of Covid-19's bruising impact on the world economy.

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Deep losses were recorded across most European benchmarks except the FTSE 100 which managed to trade relatively flat on the day.

Oil was headed for the longest run of daily gains in more than nine months on signs the worst of the supply glut may be over as production cuts start to take effect.

On the currency market, the rand traded softer against the greenback as it slipped to a session low of R18.77/$.

Still, there was disappointment in terms of economic data following the release of the SACCI Business Confidence index data for April which came in at 77.8, compared to a forecast of 89.2.

Oil headed for its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude.

The rand strengthened against the greenback as it peaked at a session high of R18.30 before it was recorded trading 1.41% firmer at R18.32/$ at 17.00

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