The JSE was weaker on Friday morning, along with its global peers, as shaky US corporate earnings and the prospect of tighter US Federal Reserve monetary policy weighed on sentiment.
Stocks looked set for a torrid end to the week after equities in the US and Asia plummeted on poor earnings reports.
As US bond yields remained elevated, analysts expected the market volatility to continue due to concerns about rising rates, inflation and economic recovery.
“The tremors come as investors get to grips with the prospect of tighter Federal Reserve policy to quell high inflation,” Oanda senior market analyst Edward Moya said.
At 9.35am, the JSE all share had lost 1.05% to 75,433.38 points and the top 40 had fallen 1.15%. Industrial metals had lost 2.37%, resources 1.97%, precious metals 1.09% and industrials 0.68%.
Earlier in Asia, the Shanghai Composite fell 0.91%, Hong Kong’s Hang Seng 0.15% and Japan’s Nikkei 0.9%.
At 9.01am, the rand was little changed at R15.22/$ and R20.6855/£, while it weakened 0.19% to R17.2451/€. The euro was 0.12% firmer at $1.1325.
Gold was flat at $1,840.69/oz, while platinum gained 0.42% to $1,045.39. Brent crude was 0.11% weaker at $87.32 a barrel.
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