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After load shedding and steel strike, the new variant adds to SA's economic woes

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The new Omicron variant was detected in South Africa last week.
The new Omicron variant was detected in South Africa last week.
matejmo

Load shedding and a three-week steel strike are expected to weigh on fourth quarter GDP, and the discovery of the new Omicron Covid-19 variant will add more pressure depending on what unfolds next, according to economists.

Last week, the government announced it had identified a new Covid-19 variant - dubbed Omicron by the World Health Organisation. Subsequently, a host of nations - the UK, US, Canada and Europe - imposed international travel bans on South Africa and its neighbouring countries.

Uncertainty about the new variant possibly being more infectious than Delta and resistant to vaccines triggered sell-offs, with oil prices plunging and the rand also hitting new lows. But by Monday, oil prices, the rand and stocks rebounded.

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Rand - Dollar
17.41
-0.0%
Rand - Pound
21.44
+0.3%
Rand - Euro
18.90
-0.1%
Rand - Aus dollar
12.23
+0.5%
Rand - Yen
0.13
-0.4%
Platinum
999.00
-0.2%
Palladium
1,603.23
-2.0%
Gold
1,919.82
-0.2%
Silver
23.42
-0.8%
Brent Crude
84.90
-2.1%
Top 40
73,575
-1.0%
All Share
79,572
-0.9%
Resource 10
76,003
-2.5%
Industrial 25
102,279
-0.4%
Financial 15
16,213
-0.7%
All JSE data delayed by at least 15 minutes Iress logo
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