MARKET WRAP: JSE extends losses as coronavirus spreads

The JSE finished lower for a second consecutive day on Tuesday as fears over the coronavirus continue to weigh on investor sentiment.

Japanese economy minister Yasutoshi Nishimura warned on Tuesday that corporate profits and factory production might take a hit from the virus, with its effect having rattled global markets and “chilled” confidence. “We think it is better to wait for the rise in the number of cases [from the virus] to slow before getting positive about the markets again,” said London Capital Group head of research Jasper Lawler.

Lewis, one of SA’s largest furniture brands, saw its share price increase as much as 10% in intra-day trade, following more than a week of daily losses, after it issued a strong third-quarter trading update, largely thanks to Black Friday shopping. It reported that sales for the third quarter to end December grew by 6.9%. By the close its shares were up 3.04% to R30.55.Shares in Cell C’s largest shareholder Blue Label Telecoms plummeted 13.52% to R2.

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