Chronicle Editor
Pride Mahlangu, Business Reporter
THE Zimbabwe Stock Exchange (ZSE) has postponed the 57th Committee of Sadc Stock Exchange (CoSSE) meeting and Second Broker’s Networking Session that was scheduled for this week in Victoria Falls due to the outbreak of coronavirus.
The dreadful pandemic has also seen several global business gatherings being shelved, leaving several companies exposed to losses while trading across the globe is also crumbling.
The ZSE said the decision to halt the regional indaba was guided by the Sadc’s stance to suspend all events following the outbreak of coronavirus in China, which has spread to nearly 100 countries.
“ZSE wishes to advise stakeholders on the postponement of the 57th Committee of Sadc Stock Exchange (CoSSE) meeting and 2nd Broker’s Networking Session that was scheduled from 11 to 13 March 2020,” said ZSE in a statement.
“Due to the coronavirus outbreak, the Sadc Secretariat has temporarily suspended all Sadc events. Therefore, the CoSSE secretariat together with the ZSE decided to postpone the meetings to a later date.”
The World Health Organisation (WHO) has declared Covid-19 a global emergency as the number of confirmed cases has surpassed 100 000. South Africa has reported seven positive cases.
ZSE said it will advise all stakeholders of the new dates in due course. The United States of America, has also been hit by Covid-19 with major technology events being cancelled, resulting in more than US$1 billion in losses so far.
Some of the industry’s biggest events have been postponed, moved online, or cancelled altogether, global media reported. Globally, the aviation and tourism sectors are also feeling the pinch.
The London Stock Exchange has plunged to a 13-month low amid fears around the coronavirus outbreak while worldwide markets are also suffering, with around US$3.6 trillion wiped from portfolios.
On Monday, the Wall Street plunged into its worst drop since 2008 as a panic that began in the oil market made its way through the global financial system, adding to concerns from already rattled investors about the state of the global economy. The oil price debacle and growing fears of the coronavirus have seen stocks on the Johannesburg Stock Exchange (JSE) plummet.
The global oil price for crude yesterday slipped to its lowest level since 1991 — almost 30 years ago. Financial markets have also whipped around for weeks as investors struggled to quantify the economic impact of the spreading coronavirus.
According to the United Nations World Tourism Organisation (UNWTO), the global tourism industry is expected to suffer estimated losses of up to $50 billion due to the outbreak of Covid-19 worldwide.
The world’s largest source of diamonds by value, De Beers has also faced rough diamond sale, which fell by more than a third in February because of the outbreak of Covid-19.
The spread of the coronavirus is now affecting the trade fairs and exhibitions worldwide. Reports say 593 fairs and exhibitions have been postponed or already cancelled worldwide. The International Monetary and Fund (IMF) has also stated economic and financial impact of Covid-19 has been felt globally, creating uncertainty and damaging near-term prospects. — @pridesinstinctz
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