The JSE remains to be on a downward trend. The all share index closed 0.12% lower today. The major looser today were the banks, which shed 1.28%. Banks continue to be under pressure due to the interest rate worries being imposed by the rising inflation in South Africa. There is a possibility that interest rates in South Africa could be increased by as much as 200 basis points when the MPC meets on June 12 to make a decision on interest rates. Financials also lost 0.44% today so to did resources which closed 0.10% in the red.

Looking at the rand today, at 18:00 the rand was bid at R7.7053/$ from a previous close of R7.7197 having reached the R7.7845 mark during the day. Against the other currencies, the rand was bid at R11.9116/€ from a previous level of R12.0028 and at R15.1190/£ from R15.1517 before.

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