The JSE was flat at the opening on Monday morning on a sharply weaker rand following a sharp spike in US bond yields.Steinhoff and shares in the Resilient stable were under renewed selling pressure, while British American Tobacco recovered following Philip Morris’s market scare last week.The US 10-year yield rose to just below 3% on inflationary concerns as oil prices reached new highs last week. The dollar firmed in overnight trade before stabilising, sending the rand to its weakest level in three months.The rand weakened to R12.2684 to the dollar before recovering marginally. The US 10-year was last seen at 2.9775% from 2.9607%.Geopolitics and an uptick in global equities has helped crude push to three-and-a-half-year highs, Dow Jones Newswires reported.After dipping following a tweet from President Donald Trump decrying what he considered high oil prices, Brent crude was edging higher again on Monday. It was last at $73.82 a barrel from $73.667.The Dow closed 0.82% lower on Frida...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.