Assets Under Pressure

South African assets have not been spared amid the global market jitters. Indeed, the Johannesburg All-Share Index (JALSH) sold off by 1.4% in early trade on November 21, following a weak close for the week on November 18. Sentiment towards South African stocks has waned amid toppy precious metals prices as well as ongoing concerns regarding the eurozone. The JALSH has now fallen below one-month trendline support at 31,800. The market looks precarious from a technical perspective, and we highlight that there is little significant support before 29,500.

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