The rand hasn’t hit rock bottom yet. Even after falling to its weakest level on record against the dollar this week, South Africa’s currency has a better chance of extending the decline in coming months.
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Cape Town mobile marketing platform provider Mobiz has raised US$1-million (about R18-million) in a funding round from Kalon Venture Partners.
The JSE is launching virtual annual general meetings in South Africa to allow investors to engage with shareholders during the Covid-19 pandemic.
The rand plumbed a record low after the country lost its last investment-grade credit rating, and investors anticipated it may slide deeper into junk as the spread of the coronavirus decimates the economy.
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.
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.