Profit-taking and a slightly softer rand resulted in the worst daily loss on the JSE since mid-December on Monday, with local banks, retailers and the property index all falling about 4%.The selling came as local bond yields rose — generally not a good sign for banks and property stocks — and a weaker rand‚ which at one stage broke through R12 to the dollar, before recovering marginally.Yields on US treasuries had earlier climbed to about 2.7% for the first time since 2014, with some analysts warning that the effect of this on the local market had not yet filtered through.Markets seemed to be a bit wary in anticipation of Eskom’s financial results on Tuesday‚ said Peregrine Treasury analyst Bianca Botes. This caution put into perspective the dire straits SA still found itself in, as a result of weak economic fundamentals.Global risk-on trade, improved local sentiment, and a stronger rand buoyed the JSE last week, when foreigners bought a net R9.5bn worth of local equities. This comp...
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