The JSE suffered a mild retreat on Tuesday, acting largely out of step with world markets.Of late, the local share market has been both erratic and inconsistent, starting a number of days with a lot of zeal before losing steam by the close. Several factors could be at play for the apparent loss of momentum, not least of which is that the so-called Ramaphosa rally may have run its course.Shares in companies with a big focus on the local economy jumped in early December when markets began to price in the probable outcome of the ANC’s elective conference, which saw Ramaphosa become the party’s president.The other dynamics weighing on market psychology include uncertainty about the path of US monetary policy; markets are grappling with the extent to which the US Federal Reserve will raise interest rates in the coming months.Much higher rates generally detract from the allure of equities. In addition, they increase the cost of borrowing for companies.The spectre of a trade war in the wak...
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