Moody’s cut South Africa’s credit rating below investment grade, delivering the country a full house of junk assessments as it grapples with a nationwide lockdown.
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A month ago, back when things made sense, Wall Street was convinced that when the rout came, high-priced technology stocks would lead the way down. That’s not how it’s playing out.
Apple’s market value fell below $1-trillion as trading opened on Monday, leaving Microsoft as the only US stock above the 13-digit threshold.
The South African Reserve Bank cut its benchmark interest rate by the biggest margin in more than 10 years as it seeks to support an already fragile economy that’s expected be hit hard by the novel coronavirus.
Jasco has found itself in serious trouble with the JSE, with the Johannesburg bourse imposing a public censure on the technology company after various breaches of the listing rules.
South Africa’s benchmark stock index plummeted to the lowest in more than six years after President Cyril Ramaphosa’s declaration of a national state of disaster over the coronavirus outbreak.
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.
The stock market’s latest plunge pulled global equities into a bear market with traders taking fright at the potential economic damage of the coronavirus.
South African business sentiment plunged to the lowest level in more than two decades in the first quarter and could weaken even further as the coronavirus hits the domestic and global economy.
MTN Group shares fell more than 12% on Monday morning in Johannesburg, to their lowest levels in nearly 14 years, as investors digested the news of a shock fall in oil prices overnight.