Anchor Capital says JSE slides 6.7% in September as precious metals correction hits resources shares
EZA•The JSE All Share fell 6.7% in September as a precious-metals correction weighed on resources shares. Gold dropped 6.3%, platinum 4.5% and palladium 11.5%, while Brent crude rose 14.4% and South Africa’s central bank raised its repo rate by 25 basis points to 7.25%.
1. JSE falls as metals retreat
Anchor Capital said the JSE All Share slid 6.7% in September, led by resources shares as gold and platinum-group metals declined. Gold fell 6.3%, platinum dropped 4.5% and palladium sank 11.5%; U.S. 10-year Treasury yields briefly topped 5.0%, lifting the cost of holding non-yielding assets.
2. Oil and rates rise
Brent crude gained 14.4% in September and moved back above US$100 a barrel, with supply risks tied to the U.S.-Iran impasse. The South African Reserve Bank raised its repo rate by 25 basis points to 7.25% on September 23, as higher oil prices complicated the inflation outlook.
