Rand, stocks tumble as coronavirus adds to budget worries

  • 📰 ewnupdates
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 53%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

At 1530 GMT the was 1.02% weaker at 15.1650 per dollar.

JOHANNESBURG - South Africa’s rand tumbled more than 1% while stocks plunged to a two-month low as a sharp rise coronavirus cases overseas combined with concerns about the upcoming budget speech knocked down local assets.

Local bonds trade at a favourable differential, or carry trade, to those of developed countries offering zero or negative yields, largely due to low inflation and high lending rates. Bianca Botes, an analyst at Peregrine Treasury, said the toll on global growth of the virus outbreak was likely to be larger than initial forecasts, pushing investors out of emerging markets even as they were still on the hunt for yields.

Miners Amplats, AngloGold Ashanti and Impala Platinum all fell more than 8% as the virus-related risk-off mood paired with a pullback in global platinum and palladium prices.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks plunge amidst fears that coronavirus could spread more quickly in countries outside of China - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Stocks in the United States have plunged dramatically amidst fears that the outbreak of coronavirus could spread more quickly in countries outside of China. Oh my Gud
Source: SABC News Online - 🏆 32. / 51 Read more »