MARKET WRAP: Rand posts biggest gain in a week and Sasol slumps

The rand gained the most in a week on Tuesday as SA moved to level 2 of the coronavirus-enforced lockdown, which has had a devastating effect on the economy that saw many businesses close and millions of jobs lost.

With the move to level 2 on Tuesday, the sale of tobacco and alcohol was permitted for the first time in five months, apart from a small window in June and July when alcohol sales were allowed. Restaurants and taverns can now sell alcohol again subject to strict hygiene protocols, while the 10pm countrywide curfew remains in place.

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MARKET WRAP: Surging gold miners pull JSE higherSome hospitality stocks climb on eve of move to level 2 of the lockdown
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BUSINESS MAVERICK: Covid corporate carnage: Sasol posts R90bn lossPetrochemicals giant Sasol just posted a staggering loss of R91.3-bn for the 12 months to the end of June compared with earnings of R6.1-bn the previous year. The Covid-19 pandemic is wreaking havoc across the corporate world with the oil sector among the hardest hit.
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