MARKET WRAP: JSE slumps to a seven-year low
Local bourse at its weakest level since 2013 as concerns over the pandemic rise
The JSE slumped to its weakest level since the middle of 2013 as the recovery in global markets in the wake of fresh stimulus measures in the US and Europe proved short-lived.
Risk aversion returned with a vengeance as data showed that coronavirus infections in Europe had surpassed those in China, while sentiment in SA was also dented as locally transmitted cases increased. Uncertainty over how fast local transmissions of the virus are spreading has led to heightened concerns that the country faces a prolonged recession, weighing on the rand and stocks.