The JSE slipped on Friday as investors once again turn their attention to the Federal Reserve and what the US central bank’s next steps will be in order to tame inflation.
There was a boost this week after the US inflation numbers came in at 8.5% for July, down from 9.1% in June, which has fueled hopes that the Fed might slow its aggressive monetary tightening.
But Fed officials have indicated that the central bank is determined to fight high inflation, signalling a continuation of the hawkish tone the Fed has struck all year long.
Back on the JSE, the All Share Index slipped 0.75% to close the week at 70,731 points.
In company news, mining counter Anglo American Platinum (-1.97%) together with its joint partner Atlatsa Resources, said the pair had completed their 100% stake sale in Bokoni Platinum Mines.
Bokoni will be sold to African Rainbow Minerals for around R3.5 billion. The transaction is expected to be completed on September 1 when African Rainbow Minerals will take control of the mine.
Telkom released a statement on the JSE SENS news platform to say it was aware of the media statement released by data-only network operator Rain proposing that the duo merge.
Telkom said it had received no such proposal from Rain but that it would consider one should a formal proposal be presented to the board.
The MTN Group are currently in discussions with Telkom to buy the mobile network operator, thereby creating the largest network operator in South Africa.
Telkom (-0.57%), MTN (-2.91%), and Vodacom (-1.54%) all closed in the red.
