Equity markets took a drubbing yesterday on growing inflation concerns, with investors focused on the minutes of the latest policy meeting of the US Federal Reserve for an indication of how it will respond to accelerating prices.

The JSE fell more than 2% but gold shares did well, with AngloGold Ashanti climbing 4% and DRDGOLD gaining over 3% as the price of gold rose. European markets declined by between 1% and 2% and US stocks also opened weaker ahead of the Fed minutes yesterday evening.

Pressure on the markets made it difficult to gauge the response to corporate results, with RFG Holdings declining after it reported half-year numbers that were significantly higher than a year ago. Fund manager Ninety One's shares also closed slightly weaker after it reported full-year results that showed a big rise in assets under management. And Investec Property Fund declined following the release of its annual results.

Also today, interim results from industrial group enX and trading statements from Tharisa Plc and Indluplace, which has deferred a decision on an interim dividend until later this year.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect