JSE slumps to biggest loss since 2008 financial crisis as virus spread fuels global panic

Two days before finance minister Tito Mboweni unveils what could be the most difficult budget in post-apartheid SA, local assets were caught in the middle of a global sell-off as the spread of the coronavirus intensified.

Shares on the JSE slumped to their worst day since the outbreak of the global financial crisis more than a decade ago, recording losses not seen since the aftermath of the collapse of Lehman Brothers. The rand was stuck at levels above R15/$. European stocks were similarly hit, suffering their biggest loss since the UK’s Brexit vote in June 2016. US equities lost more than 3% shortly after the open.