Downward spiral on the JSE continues
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JOHANNESBURG – The JSE continued its downward spiral yesterday after yet another bloodbath that saw stocks tumble and the rand weakening against the dollar following the government’s decision to impose travel bans on foreign nationals from coronavirus (Covid-19) highrisk countries.
The JSE All Share Index plummeted to the lowest in more than six years, falling 11.98 percent to 38 888 points as stringent measures spooked the jittery investors while the Top40 Index tumbled 11.98 percent at 34 747 points to take its total losses in the past seven days to 17.1 percent.
Banking stocks followed suit, falling 9.06 percent to 6 179.81 points, with Standard Bank down 9.96 percent to R119, FirstRand 9.66 percent lower to R44.72, Absa 5.98 percent down to R110.60, and Nedbank 10.54 percent down to R130.39. FXTM’s Lukman Otunuga said investors remained on edge over the growing uncertainty and mounting questions.
Source: iol.co.za