Johannesburg - Share prices on the JSE were mostly lower on Wednesday as many of the major shares lost ground after modest gains earlier in the week.
It seems that the strong performance by the rand had a detrimental effect on the JSE as the major double-listed companies, which comprise a big part of the indices, earn a large part of their earnings abroad. They earn less in rand terms when the currency is strong.
The rand is at a new three-week high to the US currency, which is weighed down by expectations that the Federal Reserve will delay an interest rate hike to September.