The JSE extended losses at lunchtime on Wednesday as resources stocks came under renewed pressure in line with weaker commodity prices. Big industrial stocks were generally weaker, as were financial stocks in what analysts described as caution before S&P Global Ratings reviews SA’s debt on Friday. "This [expected rating] is causing market participants to exercise some caution ahead of what could be a further negative prognosis for our sovereign rating," said Devin Shutte, head of investments at The Robert Group. In April, S&P lowered the country’s foreign currency debt to sub-investment grade after President Jacob Zuma made controversial Cabinet changes, which sparked concerns about policy continuity. Moody’s, which still has the country’s debt rating a couple of notches above investment grade, is expected to make its ratings announcement on either June 2 or June 9. The all-share index was off 0.9% to 53,672.90 points at lunchtime, as resources and banks shed 1.39% and 1.48%, respec...
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