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South African stocks lose close to 2% as emerging markets rally dissipates

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JOHANNESBURG - South Africa’s stock market fell almost 2% on Wednesday, as the disappearance of investor optimism that had boosted emerging markets combined with a drop in business confidence to a sev

en-month low.

Emerging market stocks and currencies around the world retreated on Wednesday, marking the end of a two-day rally driven by hopes that the coronavirus was peaking in its European and US epicentres. “The positive sentiment that prevailed in markets for most of yesterday dissipated late in New York. The slowing rate of spread of the coronavirus was tempered by the rising number of deaths which turned markets cautious,” said Andre Botha, a senior dealer at TreasuryONE.

Stocks that tend to suffer when economic sentiment turns negative were among those leading the blue-chip index lower, such as financial services firms.

 

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