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South African markets closed in the red yesterday, as investors assessed hawkish comments from the US Federal Reserve (Fed) officials. Food companies, RCL Foods, Famous Brands and Astral Foods dropped 3.8%, 3.

0% and 1.5%, respectively. Retailers, SPAR Group, Clicks Group and Cie Financiere Richemont S.



A. declined 2.5%, 2.

2% and 2.0%, respectively. Gold miners, Sibanye Stillwater, AngloGold Ashanti and Gold Fields shed 2.

1%, 1.7% and 1.1%, respectively.

Pharmaceutical companies, Aspen Pharmacare, Adcock Ingram Holdings and Netcare fell 1.4%, 1.2% and 1.

1%, respectively. On the flipside, property developers, Emira Property Fund and NEPI Rockcastle N.V.

advanced 3.1% and 1.1%, respectively.

The JSE All Share index declined 0.3% to close at 79,808.07.

Yesterday, the South African rand strengthened against the US dollar. The yield on benchmark government bonds fell yesterday. The yield on the 2030 bond declined to 10.

29%, while that for the longer-dated 2040 issue fell to 12.50%. At 05:30, the US dollar is trading 0.

1% lower against the South African rand at R18.0594, while the euro is trading 0.1% lower at R19.

6062. At 05:30, the British pound has declined 0.1% against the South African rand to trade at R22.

9633. Market updateby AnchorCapital US markets ended higher yesterday, as investors assessed the latest comments from US Fed officials for further cues on interest rates. Departmental store company, Macy’s jumped 5.

1%, after the company raised its annual profit forecast. Mea.

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