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MARKET WRAP: JSE plummets on strong US jobs data

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Private sector employment figures add to growing concern that more rate hikes are in store

The JSE fell the most in more than three months on Thursday, extending its losing streak to three days as a strong jobs report from the US supported the case for further rate hikes by the Federal Reserve.

Private sector jobs in the world’s biggest economy increased by 497,000 in June, according to data from payroll processing firm ADP — the biggest monthly gain since July 2022. June’s increase was more than double the market consensus estimate of 220,000 additional jobs...

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