MARKET WRAP: JSE resumes downward spiral

The JSE resumed its downward trend on Thursday along with global markets as investors fretted anew over stubbornly high US inflation and the economic tollThe local bourse fell more than 3% in intraday trading, while its European and Asian counterparts recorded losses of as much as 2.24%. Outside the US, signs of

The all share ended the day 1.7% weaker at 67,251.89 points, while the top 40 shed 1.85%, led by precious metals, resources and industrial metals, which plunged 5.79%, 4.9%, and 4.82%, respectively. “The [US inflation] data on Wednesday was really disappointing. We’ve known the peak was coming but investors needed more than confirmation of that. They needed reassuring that not only was it decelerating, but doing so significantly thanks largely to base effects. And it’s safe to say they weren’t particularly reassured,” Erlam added.

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