The JSE was down on Wednesday on market jitters ahead of announcements by rating agencies on SA’s credit rating, due on Friday and next week, Platinum and gold shares were lower as commodity prices took strain on a stronger dollar, while Naspers was also hard hit. Although the broad consensus reached between the government, labour and business on labour matters was a positive development for markets, growth concerns have emerged as a major structural problem which could lead to a downgrade, most probably by S&P Global Ratings. The release of the Department of Energy’s integrated resource plan (IRP), which indicated that nuclear power would not be needed for 21 years, was initially greeted with optimism. Despite this, Eskom has indicated it will go ahead with a tender for the construction of new nuclear power stations by December. Moody’s is set to announce its rating decision on Friday, with that of S&P Global Ratings expected on December 2. Fitch may also present its review next Fr...
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