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MARKET WRAP: JSE has biggest weekly drop since August

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The local bourse dropped by almost 3% for the week as global equities took a knock as the China coronavirus spreads

The JSE concluded its worst week in 23 on Friday as fears that China’s coronavirus could turn into a pandemic hurt market sentiment.

“The coronavirus outbreak is intensifying, and Beijing is scrambling. Outrage is growing as local officials failed to address the contagion risks earlier. Concerns are growing that the travel bans in place will start to have a major impact on the economy with some saying it may have a one percentage point hit, or greater, on Chinese GDP,” Oanda senior market analyst Edward Moya said.

“Weak levels of economic demand and high real interest rates continue to support the rand fundamentally, assisting in compressing nominal yields but also to reduce the depreciation potential in the rand,” Mercato Financial Services analyst Nico du Plessis said.

 

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