The JSE broke its winning streak, dipping 0.11%, but stayed within reaching the 71,000-point level as inflation fears hit markets.
The rand pulled back after hitting R15.75 to last trade at R15.61 against the US dollar following the decision of the South African Reserve Bank to hike interest rates by 25 basis points. The split decision to hike the repo rate to 3.75% came as risk-off sentiment returned to emerging markets amid yet another one percentage point cut in Turkish interest rates. Hungary hiked rates by 70 basis points.
Citing global rising producer price and food price inflation, surging oil and electricity prices and other administered prices, SARB Governor Lesetja Kganyago warned that the risks to the short-term inflation outlook are assessed to the upside.
On the stock market, fund manager Investec and NinetyOne were among the biggest winners, gaining 3.45% and 2.89% respectively after Investec reported a more than two-fold rise in half-year profit and said it would distribute a 15% stake NinetyOne to shareholders.
Tech counters were also among the gainers with Bytes adding 5.19% and ADvTech 2.94%, while healthcare stocks Ascendis Health gained 7.00%, Netcare 0.50% following a trade update and Life Healthcare 3.07% after posting a 128% rise in full-year profit.
Massmart lost almost 3% ahead of a planned strike at its Game and Makro stores.
Other big losers included Kumba Iron Ore (-3.61%), Sasol (-2.99%) and Sibanye-Stillwater (-2.93%). Commodities lost some ground today, with palladium the worst performer, losing 2.21% to $2,145.50, platinum 0.38% to $1,058.50 and gold 0.31% to $1,861.60.
Brent crude was selling for $80.83 a barrel.
Indicators as at 17:00
Currencies
USDZAR 15.6674
EURUSD 1.1338
EURZAR 17.7640
GBPUSD 1.3470
GBPZAR 21.0977
AUDZAR 11.3784
CADZAR 12.4002
CNYZAR 2.4525
ZARJPY 7.3010
CHFZAR 16.8907
USDAOA 596.30
Bonds and equities
R186 7.97%
US 10 Year 1.60%
JSE -0.22%
FTSE -0.29%
S&P 500 -100.00%
Commodities
Gold $1 859.16
Plat $1 057.63
Plad $2 159.03
Rhod $14 340.00
Irid $4 390.00
Ruth $598.00
Copp $9 449.85
Brent $80.84
Iron Ore 62.5% $92.76
Coal API4 $128.00
Gold ZAR R29 155.35
Plat ZAR R16 585.75
