MARKET WRAP: Resources index has worst day in 22 years on oil-price slump
The rapid sell-off comes as the coronavirus death toll and infection rates continue to rise. The government confirmed on Monday that four more people had tested positive for the virus in SA, bringing the number of infections to seven.
“Nobody can predict what happens next and investors should be prepared for continued volatility. As fund managers we are keeping our eye on the horizon and not panic-selling out of quality businesses where we do not think their long-term value has changed,” said Anchor Capital CEO Peter Armitage.
By 7.30pm local time the Dow had dropped 6.58% to 24,162.77 points, while in Europe the FTSE 100 was down 7.69%, France’s CAC 40 8.39% and Germany’s DAX 7.94%.
Earlier, the Shanghai Composite fell 3.01%, Hong Kong’s Hang Seng 4.23% and Japan’s Nikkei 225 5.07%.
Source: businesslive.co.za