The JSE extended losses at lunchtime on Thursday as mounting concerns over US corporate earnings weighed on global equities. The all share index dropped 0.87% to 51,299 points, dragged down by big-cap companies such as Sasol, as the price of Brent crude slipped back towards the $50 a barrel mark. Rand-hedge stocks, particularly those exposed to the UK economy, were under pressure as the pound weakened anew on Brexit fears. The main focus locally was on the medium-term budget policy statement, which analysts said could further boost the rand if it proved market friendly. This could exert more pressure on the local share market, which is dominated by rand-hedge stocks. Europe’s leading markets were mostly lower at midday, as were US stock futures, after quarterly results from the world’s most valuable company disappointed investors. "The indifferent performance in yields over the past eight to nine sessions clearly indicates that market participants are focused on third-quarter earnin...
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