Yet another day and the JSE continues to slide down. The all share index ended 0.66% down. It could have been much worse as the index lost up to 400 points at one stage during the day but closed to only concede 207.880 points. The major loses were seen in Resources which fell 1.64%. The gold mining index dropped 0.79% whilst the platinum mining index lost 3.04%. Mining stocks were under pressure today largely due to the softening metal prices.

Banks were on the up today after the lows they experienced yesterday. Banks gained 3.40% and financials also gained 1.71%. Some analysts think that the reason banks performed well today was because there was a lot of bargain hunting on bank stocks as some think the valuation of banks right now is very cheap. One can not be too sure how the banks are going to fair with the likely interest rate hike approaching.

The stock of the day was Sasol which shed a staggering 4.20% to close at R455.15. The drop in world oil prices may be a factor in the tumbling of the Sasol share. World oil prices are currently hovering around $122 per barrel after having reached the R135 mark a few weeks ago.

The rand today was trading at R7.7535./$ from a previous close of R7.7495 by 15:50. The rand was bid at R11.9706/€ from a previous R11.9668 and at R15.1300/£ from R15.1875 before.

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