The JSE reversed most of its intraday losses to end Tuesday’s session slightly lower, while the rand staged a mild recovery from its weakest level against dollar since October 2020.
The JSE all share settled 0.09% lower at 67163.71 points, dragged down mainly by resources stocks that were hit by lower commodity prices. However, banks and financial stocks fared better, along with domestically-orientated industrial stocks. “As inflation has increased, so have bond yields which has put pressure on heavyweight growth stocks that have led the market over the last few years,” Davids said, referring to the US big-tech stocks that have borne the brunt of the global market sell-off.
The rand, meanwhile, strengthened to below R17 to the dollar as the greenback softened against a basket of currencies, most notably the euro, which was 0.23% firmer at $still down 4% against the dollar so far in July.
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