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MARKET WRAP: JSE reverses course to end lower, rand weakens after US Fed chair stirs volatility

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The volatility came after Fed chair Jerome Powell said the US economy will need tight monetary policy “for some time” before inflation is under control

The JSE finished lower on Friday after a wild session during which the all share index rose as much as 1% before pulling back in line with other world markets.

“We have seen markets struggling to digest the short speech by Powell,” with the rand trading quite wildly in a 10-cent range after he spoke. The rest of the market held up reasonably well on the day, with Nedbank gaining 4% to R224.27 to outperform its peers. Insurance stocks staged a comeback after a wobble on Thursday in the wake of the news that they were being investigated by the Competition Commission for allegedly fixing prices of insurance products.

 

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