South African Stocks Drop as Anglo Leads Miners’ Post-Fed Slump
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South African stocks retreated, tracking declines in emerging-market peers as the U.S. Federal Reserve’s hawkish turn hurt appetite for riskier assets. Major miners were a big drag on the benchmark equity index as a stronger dollar hit metals prices.
The FTSE/JSE Africa All Share Index slipped 0.7% as of 9:24 a.m. in Johannesburg, falling for a second day as trading resumed after Wednesday’s public holiday. An MSCI gauge of Asian shares was on track for its biggest slide in a month after Fed Chair Jerome Powell said officials would begin a discussion about scaling back bond purchases. Fed policy makers also disclosed that two interest hikes are likely by the end of 2023, sooner than many thought.