Sasol, the share price of which has taken a pounding over the past few years, led the JSE lower on Tuesday, with the all share and top 40 both giving up 0.37%.
Sasol fell the most in four weeks, down 5% to R108.12 — its lowest level since November 2020 — after the group reported a drop in production in the first quarter of its 2025 financial year.
The company blamed the output drop on coal quality and operational challenges, which led to higher external coal purchases. The group revised down its fuel sales guidance for 2025.
Coal miners put up a good showing, with Thungela up 1.52% to R126.48 and Exxaro rising 1.18% to R169.27.
The resources, precious and industrial metals indices also gained, while all other major indices were down.
At 5.45pm, the rand had firmed 0.44% to R17.5297/$, 0.5% to R18.9363/€ and 0.48% to R22.7432/£.
The local currency has benefited significantly from interest rate cuts in the past few months, but these gains are being offset by uncertainty in the lead-up to US elections, said Investec chief economist Annabel Bishop.
“With just more than a few weeks until the US election, market caution has increased notably over October as the polls remain so close, fuelling risk-off [sentiment] in financial markets, and so eroding the gains the rand made after September’s US rate cut,” said Bishop.
Citadel Global director Bianca Botes said: “A potential second Trump presidency is raising concerns about increased fiscal spending, tariffs, and inflation, which could hurt the US Treasury.”
China’s economic stimulus efforts are being closely watched, Botes said.
In commodities markets, prices were up across the board with gold gaining 0.94% to $2,745.16/oz, platinum 2.7% to $1,032.35 and Brent crude 2.45% to $75.60 a barrel.
Bullion continues its historic rise, hitting another record intraday high on its save-haven status.
Escalating tension in the Middle East and the build-up to the US election have caused investors to flock to gold in recent months, with the metal up more than 33% so far this year.
Analysis shows the major central banks remained buyers of gold for reserve purposes, given the lower interest rate outlook, said TreasuryONE currency strategist Andre Cilliers.
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