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Market Update: South African Stocks End at Near 3-Month Low
The FTSE/JSE All Share Index closed 1.4% lower at 65,635 on Friday, its lowest since March 25th and extending losses for a third straight session, as sentiment remained subdued amid a strong dollar and moves by Chinese regulators putting pressure on commodity prices. Domestically, the pandemic situation remains worrying as Covid-19 cases and hospitalizations continue to spike, raising concerns over the need for additional restrictive measures. Concomitantly, the risk of local government workers going on strike has increased as two major unions involved in wage talks indicated that they would reject a proposal by an independent facilitator to cut wages in real terms and freeze other perks over the next three years. At the same time, Finance Minister Tito Mboweni told an investment conference the Treasury wont back down on its insistence that any wage agreement for state workers mustnt breach the governments fiscal ceiling. The benchmark index lost 3.1% in the third week of June. [/s2If]
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