MARKET WRAP: JSE weakens in line with global peers

📆 29/08/2022 22:08:00
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Federal Reserve chair Jerome Powell’s comments on inflation and interest rates at last week’s Jackson Hole conference are still weighing on investors

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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