August report: JSE follows global equity markets lower

Last month the South African stock market followed global equity markets lower (the FTSE/JSE Capped SWIX Index was down 4.8% month-on-month (MoM)), leaving local equities only slightly positive, up 2.8%, for the year-to-date (YTD) at end August.

Mining stocks were the biggest drag on the JSE in August, down 9% MoM, as weak Chinese economic activity weighed on metal prices. Platinum miners were by far the worst of a bad bunch, falling 20% MoM, as the major platinum miners all reported disappointing results, characterized by weak volumes and elevated costs.

Source: Moneyweb