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South African economy on the decline due to Covid 19

NewsLite by NewsLite
8th Mar 2020
in Economy
1 min read
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By Friday afternoon, the JSE lost most of the gains during the week.

Anglo American Platinum has fallen by almost 9%, while eight insurers and banks are among the companies with the sharpest declines.

The decline on the JSE comes after the US markets closed more than 3% lower on Thursday.

The Dow Jones Industrial Index closed 3.5% lower. The S&P 500 dropped 3.3% or 106 points.

Market volatility increased sharply on Friday, judging by the so-called fear index, the VIX. This index rose by 23%.

The rand opened at R15.69 on Friday morning after weakening by 2% the day before after the shock news that a case of the coronavirus occurred in South Africa.

China is Africa’s largest trading partner, with some 10,000 Chinese firms on the continent.

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