The JSE has had a torrid time in the last few months. This was fuelled by the general market downturn across all markets as a result of COVID-19 as well as the rand weakness.
The recent Moody’s downgrade appears to have been largely price in already. The recent repo rate cut of 100 bps reduced the yield curve at the shorter durations. The rand also fell markedly against most currencies considered (27.5% against the USD in the last quarter).
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