Traders signalled that Thursday would be another day of sell-offs as global markets turned red while the dollar strengthened its grip on the currency markets and recession fears weighed on stock prices.
Markets rallied overnight after the Bank of England announced its bond-buying plans to help stabilise the markets while in the currency markets the rand reversed some of its losses against the dollar and settled below the R18/$ mark.
But on Thursday, the JSE traded weaker with the All Share Index 0.85% down at 63,264 points while the rand gave back its gains and is currently trading at R18.06/$ with the greenback trading 1% higher for the day.
Meanwhile, oil prices fell too with the stronger dollar wiping out the previous day’s gains but the losses were contained thanks to indications that the OPEC+ producer group might drop output.
