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

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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Business Maverick: Powell Talks Tough, Warning Rates Are Going to Stay High for Some TimeFederal Reserve Chair Jerome Powell signaled the US central bank is likely to keep raising interest rates and leave them elevated for a while to stamp out inflation, and he pushed back against any idea that the Fed would soon reverse course. I'm just here to show my appreciation to the man who got me on utta poverty I am very happy to be amount your winning team sir' and I will always show my gratitude and work with you always JamesAlderson0 Watch our Reserve Bank now try to match this raise: despite the fact that the US & SA have almost 0 parity in this matter in either cause or effects.
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Global stocks flat ahead of key Fed Jackson Hole speechPowell’s speech later today at the Federal Reserve's annual conference at Jackson Hole will be scrutinised for any indication that an economic slowdown might alter its strategy
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