MARKET WRAP: JSE weakens in line with global peers

The JSE finished weaker on Monday, but was off the day’s lows, as investors grappled with the US Federal Reserve’s messages on inflation and interest rates.

“Powell sent a short and direct message that there won’t be a Fed pivot any time soon and that has markets positioned for further equity weakness,” said Edward Moya, market analyst at Oanda. Resource shares were the biggest drag on the overall local market, but Sasol bucked the trend with a gain of 4.66% to R364.24 thanks a higher international commodity prices.However, retailers stood out as the bright spot after Walmart offered to buy all the shares in loss-making Massmart it does not already own. Massmart surged nearly 45% to close at R58.68.

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Business Maverick: Stocks, futures sink as dollar jumps with yields: markets wrapFederal Reserve chair Jerome Powell’s signal of higher-for-longer interest rates coursed through markets on Monday, sinking stocks and equity futures and lifting two-year Treasury yields to levels last seen in 2007.
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