The JSE started the week on a negative note as global risk-off sentiment, due to geopolitical tension in North Korea, and hawkish talk from US Federal Reserve officials, kept the local market under pressure. Banks, retailers and industrials ended the day sharply lower, but platinum and gold stocks gained as the rand weakened in late trade. Ongoing political issues remained in the spotlight with the government denying it intends using Public Investment Corporation (PIC) funds to bail out South African Airways (SAA). An apparent united front between PIC CEO Dan Matjila and Deputy Finance Minister Sfiso Buthelezi at a press conference failed to support market confidence and appeared to be a "disguise", according to reports. Treasury director-general Dondo Mogajane confirmed that SAA had approached the PIC on two occasions: in the first instance, for a R6bn loan in May; and the second when Treasury had asked it to consider buying its Telkom stake to cover SAA’s funding gap. Globally, sa...
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