A sell-off sweeps through global equities

JOHANNESBURG – South African stocks tumbled on the JSE yesterday as reaction to US measures to contain the spread of the coronavirus accelerated the sell-off sweeping through global equities.

The JSE All Share Index fell 9.72 percent to 44303points at the end of trade, plunging the most in more than 20 years.

The Top40 Index also tumbled 9.2percent to 39536 points as resources fell 14.53percent to 31610 points and industrials 9.30 percent to 60499points. The market remained in the red as investors swopped their investments for cash.

Sasol, which has bled more than 80percent off its value, led the rout, falling 29.36percent to R37.24.

Mining stocks followed the cue, plummeting 14 percent for a record decline, with Northam Platinum shedding 23.36percent to R86, Sibanye-Stillwater 22.6percent to R23 and Implats 21.81percent to 96.26.