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Shoprite jumps 13% as JSE shows signs of life after crash

Mar 17 2020 14:18

After the worst crash on Wall Street since 1987, markets moved higher on Tuesday.

By lunchtime on Tuesday, the JSE's all-share index was up 1.4% to 41 058 points. It lost 8.3% on Monday, while the Dow Jones Industrial average slumped 13%. The rand was last at R16.67/$.

Some of the main winners on the local stock market were Shoprite (+13%), Spar (+13%) and Pick n Pay (+12%) amid reports of coronavirus-fuelled panic buying. Shoprite fell 15% last week, but has now recovered close to levels seen before the latest coronavirus crash.

The iron ore producer Kumba saw a 14% spike.

The gold price fell another 3% to $1 469/oz, and after a large slump on Monday, Brent oil was flat at $31.86/barrel, around its weakest level in four years.

Traders are worried that a large oil surplus is building up.

This piled pressure on fuel producer Sasol, which fell 15% to R37.95 after releasing a plan to issue new shares and sell assets earlier on Tuesday.

Last week, Sasol lost two-thirds of its value. Beer producer AB-Inbev also fell by 7.5% on Tuesday. Newly listed Ninety One, the new incarnation of Investec Asset Mangement, dipped 7.5% to R31.19.

Old Mutual, which suffered a 16% slump on Monday, was down another 3% to R11.65.

European markets were trading higher, after a solid day in Asia. The Philippines closed its stock market as the country goes into lockdown.

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