Rand has biggest drop in three months as new coronavirus fears hit global markets
Tourism shares fall as lockdowns in key markets add to anxiety about government’s plans to open SA's borders
The rand, often a barometer of investor sentiment towards emerging markets, had its biggest drop in three months on Monday as a surge of new Covid-19 outbreaks in Europe brought the spectre of damaging lockdowns.
By 6pm on Monday, the currency had declined 3.42%, more than wiping out its gains from last week. Financial services companies' shares dropped with their counterparts overseas, with RMB Holdings falling 6.67% and Nedbank 5.1%. Among companies exposed to tourism, City Lodge lost almost 8% while Tsogo Sun declined 4.7%. The JSE all-share index had its biggest drop since the middle of June and the S&P 500 had fallen 2.37% in afternoon trade...