The JSE reversed course to close sharply lower on Tuesday — its third straight day of losses, as global concerns about higher interest rates and possible recession continue to dominate sentiment globally.
However, there were patches of strength in some of the domestically orientated stocks such a Sun International, Cashbuild and Italtile. “With a 75 basis point rate hike now viewed as the more likely outcome from the Fed in a few weeks and European Central Bank officials putting a similar move on the table ahead of its meeting next week, how strong of a recovery can we really expect in equity markets?,” said Craig Erlam, senior market analyst at Oanda.
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