JSE slips as Wall Street's losing streak continues, oil holds above $100 a barrel

South African and global markets remained under pressure over the past 24 hours, weighed down by rising oil prices linked to the ongoing US-Iran conflict and climbing bond yields ahead of Friday's US inflation data.

The FTSE/JSE All Share Index closed Wednesday's session down 0.80% at 116,520.01 points, with the Top 40 Index falling 0.86%. Of 330 JSE-listed equities that traded, 213 ended the day lower against 103 gainers.

Sasol was the standout performer, adding 9.85% to close at R232.75 a share, while Thungela Resources gained 4.86%. On the losing side, Gold Fields dropped 3.87% and Standard Bank fell more than 4%. Despite the day's decline, the All Share remains up 1.25% for the week and roughly 16% higher year-on-year.

The rand was trading at around R16.03 to the dollar, holding relatively steady. On Wall Street, the major indices extended their losing run to a fourth consecutive session – the longest such stretch for the S&P 500 since March. The Dow Jones Industrial Average fell 0.6% to 52,064.10, the S&P 500 dropped 0.58% to 7,591.70, and the Nasdaq Composite slid 0.65% to 26,081.72.

The declines came as US crude prices pushed past $100 a barrel amid growing concern over a prolonged conflict between the US and Iran, with reports that Iran has resumed production of ballistic missiles adding to the unease. Treasury yields climbed further on the back of the oil move, with the 10-year note touching its highest level since 2023. US producer price inflation data released on the day came in largely as expected, keeping attention fixed on Friday's consumer price index print, seen as a key input for the Federal Reserve's rate decision next week. The Cboe Volatility Index broke above 17 for the first time in nearly a month.

In commodities, Brent crude was trading at around $100.37 a barrel and US West Texas Intermediate at about $95.45, both holding near multi-month highs. Gold was steady at roughly $4,467 an ounce.

SOURCES: JSE, CNBC, TheStreet, Investrade, Trading Economics.