When herd behaviour is used for selfishness, all you’re left with is a smug sense of entitlement, writes Charlene Naidoo.
Mostly sunny. Cool.
The rise was linear for all the major indices particularly for US equity benchmarks which whipsawed between gains and losses.
The coronavirus outbreak has had a "widespread" impact on small businesses in South Africa and Small, Medium and Micro Enterprises (SMMEs) need urgent assistance on multiple fronts, according to Property Point founder Shawn Theunissen.
The Covid-19 oubreak has triggered a sell-off in markets which have not responded well to stimulus measures by central banks.
Sterling tanked Wednesday against the dollar, hitting its lowest level since 1985 as investors snapped up the safe haven US currency in markets panicked by the coronavirus outbreak.
The Sasol group said it will be within its debt covenants on June 30, its financial year end, as long as oil prices remain at current levels.
The rand has been on a roller-coaster ride, losing as much as 8% in early morning trade nearly touching R17/$ before bouncing back to R15.97/$ by noon.
Now that coronavirus has reached South African shores, the JSE has shed over 2% in mid-morning trade, with the rand similarly taking a beating as global markets are in risk-off mode.
The rand is suffering its worst start to the year against the dollar since the global financial crisis of 2008, and it’s not about to get any better in March, if history is any guide.
The outlook was mixed in most global markets starting off in Asia where the Hang Seng and Shanghai Composite Index gained 0.31% and 0.7% respectively, while the Nikkei shed 0.59%.
The US Fed has indicated that it is closely assessing the potential impact to growth that could stem from the epidemic, while in China measures such as reserve requirement cuts have been taken to bump up liquidity in the markets.
With United States Congress inching closer to passing a stimulus bill which could aid the US economy, investors looked to take a bite at riskier assets.
United States markets did rebound following the announcement of an open-ended quantitative easing which will see the US Fed pump more stimulus into the economy.
The JSE Top 40 also had a tough morning, compounding last week's losses to trade down more than 5%.
Markets swing on the upside following Thursday's bloodbath.
US President Donald Trump’s travel ban and tepid fiscal measures sparked the latest leg down in risk assets.
South Africa enters a new week battered on the economic front. The rand has weakened significantly since the country confirmed its first coronavirus diagnosis and two other subsequent cases over the weekend, reaching a low of R15.67 on Sunday.
The rand moved 1.1% stronger in early trade on Monday, as markets appear to be taking a "breather" from the sell-off from the previous week, says an analyst.
The all-share index eventually closed weaker on Tuesday following a mixed session in which the local bourse swung between gains and losses.
The local currency is heading for its best weekly performance this year.
The JSE opened mildly firmer and climbed further as the session progressed. The surge started off in Asia where the Shanghai Composite Index gained 0.81%, the Hang Seng added 0.87% while the Nikkei rose 0.74%.
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