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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.
The JSE closed firmer on Friday as investors grew optimistic that stimulus measures from key central banks will be able to soften the economic impact of the coronavirus on the global economy. The All Share closed up by 6.08%.
Wall Street’s main indices made loses on Friday in what is still the market’s worst month in three decades amid a coronavirus-fuelled market rout. At 18h00 the Dow and S&P 500 were down by 4.55% and 4.34% respectively.
European shares traded higher on Friday as fears over the rapid progression of Covid-19 across the globe eased, following another round of monetary stimulus in the region. At 18h15, the FTSE 100 traded 3.70% higher.
Encouraged by wider gains in other markets, Hong Kong stocks traded higher on Friday as investors cheered signs of additional stimulus measures to blunt the hit from Covid-19. The Hang Seng Index closed 5.05% in the green.
The Nikkei share benchmark sagged on Friday as investor fears about the economic fallout from the coronavirus pandemic overshadowed the European Central Bank’s (ECB) latest pledge of monetary stimulus. The Nikkei closed 1.04% lower.
The rand recorded its worst week in three years on Friday as anxiety about the coronavirus spurred a sell-off in global markets over the past week. A dollar traded at R17.55 at 18h40.
Gold prices inched up on Friday as safe-haven buying offset a rush for cash amid fears of a coronavirus-led global recession. An ounce of gold traded at $1 498.52 at 18h45.
Oil prices struggled for direction on Friday after President Donald Trump mentioned that he may intervene in the price war between Saudi Arabia and Russia in due course. At 19h00 a barrel of Brent crude traded at $27.47.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer