https://www.miningweekly.com

Johannesburg stocks plunge most since 1997 in ‘panic’ sell-off

12th March 2020

By: Bloomberg

  

Font size: - +

South Africa’s benchmark stock index plunged the most since the market crash of October 1997 as reaction to US measures aimed at curbing the spread of the coronavirus accelerated the sell-off sweeping through global equities.

The FTSE/JSE Africa All Share Index sank as much as 9.3% as of 3:34 p.m. in Johannesburg. Naspers, South Africa’s biggest stock, fell 7.1% to weigh heaviest on the overall market. Mining stocks plummeted 14%, set for a record decline. All but three of the benchmark’s 158 members were lower Thursday as selling by risk-averse investors spread to all sectors.

“It’s all panic selling right now,” said Rene Hochreiter, an analyst at Noah Capital Markets in Johannesburg.

Fuel and chemicals producer Sasol, among companies worst affected by the sharp drop in oil prices amid concerns about its debt levels, posted further heavy losses, falling 40%. It has plunged 80% in four days.

“It’s broad-based, indiscriminate selling,” said Seleho Tsatsi, an analyst at Anchor Capital in Johannesburg.

Edited by Bloomberg

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION