Cape Town - The JSE closed in the red for a second straight session as local equities traded under pressure for the entire session.
Only 5 stocks managed to close in the green on the JSE Top-40 Index. Equities opened lower on the JSE and continued to trade lower thereafter. The sell-off in local bonds continued, with the benchmark 10-year-bond yield climbing up to 8.91%. This sell-off in bonds is not specific to South Africa, as developed markets bonds are also experiencing a relatively steep sell-off as indicated by the increase in yields over the past 2 weeks.
The JSE All-Share Index closed down 0.74%, with the JSE Top-40 Index closing down 0.72%. All the major indices on the JSE closed in the red. The Financials Index closed down 1.01%, and the Resources Index closed down 0.96% mainly because of weaker commodity prices which pushed miners lower. The Industrials Index was down 0.56% as it was dragged down by Naspers which closed down 0.77%.