SA markets lose billions in minutes

THE JSE’s all share index started the week with an instant loss of 8 percent, as global panic selling intensified.
Last week, the JSE lost 15 percent of its value — and suffered two of its biggest crashes in the past forty years. On Monday, the JSE’s all share index dropped by more than 6percent, while on Thursday the market lost 9,7 percent.
Sasol was down 15 percent again on Monday, to R42,99 — after last week briefly dipping below R30.
Mining shares were also hit badly — including Gold Fields (-16 percent), Exxaro (-15 percent), Northam (-13 percent), Sibanye (-13 percent) and Harmony (-8 percent).
Financial stocks were also down, with FirstRand and Standard Bank down more than 7 percent.
On Sunday, the US central bank announced an emergency interest rate cut of a full percentage point, which brought rates to between 0 percent to 0,25 percent. In reaction, the rand strengthened to R16.06/$, as it is offering attractive interest by comparison. The South African repo rate is still at around 6,25 percent.
But by Monday morning, the rand has weakened to R16.58/$. — Fin24