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After the worst crash on Wall Street since 1987, markets moved higher yesterday.
By lunchtime yesterday, the JSE’s all-share index was up 1,4 percent to 41 058 points. It lost 8,3 percent on Monday, while the Dow Jones Industrial average slumped 13 percent. The rand was last at R16,67/$.
Some of the main winners on the local stock market were Shoprite (+13 percent), Spar (+13 percent) and Pick n Pay (+12 percent) amid reports of coronavirus-fuelled panic buying. Shoprite fell 15 percent last week, but has now recovered close to levels seen before the latest coronavirus crash.
The iron ore producer Kumba saw a 14 percent spike.
The gold price fell another 3 percent to $1 469/oz, and after a large slump on Monday, Brent oil was flat at $31,86/barrel, around its weakest level in four years. – Bloomberg.
Peter Tanyanyiwa
Online Reporter