South Africa’s Sasol Is the worst emerging-market stock this week
JOHANNESBURG – It has been a week of steep drops for some emerging-market stocks, but Johannesburg-traded Sasol Ltd. has out-plunged its peers, battered by the crash in oil prices and concern among investors of a potential looming rights offer as it grapples with a debt burden of about $8 billion.
Shares in the fuels and chemicals producer, South Africa’s biggest company by sales, have lost almost 58% since the week started, the most among the 1,401 members of the MSCI Emerging Markets Index, which is down 5.3%.
The latest slump has dragged the stock to levels last seen in 2001.
Source: iol.co.za