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Markets are extremely volatile in light of the uncertainty caused by the COVID-19 outbreak. We remind all our clients that sound decision-making requires a sober approach and robust investment process. Our recent Special Report highlights that markets suffer setbacks more often than investors may think.
Notwithstanding the South African Reserve Bank’s (SARB) effort to fight the economic fallout of the coronavirus, the JSE ended on a sombre note on Thursday. The All Share closed down by 1.66%.
Wall Street indices made gains on Thursday as a round of emergency stimulus measures from policymakers across the globe somewhat calmed investor fears over COVID-19. At 18h00 the Dow and S&P 500 were up by 1.15% and 1.25% respectively.
European shares traded higher on Thursday as fears over the rapid progression of the coronavirus across the globe eased following another round of monetary stimulus measures from key central banks. At 18h15, the FTSE 100 traded 1.17% higher.
Hong Kong stocks ended lower on Thursday as investors feared a potential global recession led by the economic fallout of COVID-19. The Hang Seng Index closed lower by 2.61%.
The Nikkei share benchmark continued its downward spiral on Thursday after the European Central Bank’s (ECB) latest promise of stimulus only briefly comforted investors. The Nikkei closed 1.04% lower.
The rand weakened against the dollar on Thursday even after the SARB cut the repo rate by 100 basis points to counter the impact of COVID-19 on the economy. A dollar traded at R17.36 at 18h40.
Gold prices lost more than 1% on Thursday as investors sought “to hoard cash in unstable market conditions”. An ounce of gold traded at $1 475.52 at 18h45.
Oil prices surged by almost 10% on Thursday as demand for Brent crude weakened due to the global coronavirus pandemic. At 19h00, a barrel of Brent crude traded at $26.69.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer