The rand, which slumped to its weakest level in a year at the end of last week, could be set for more volatility as the discovery of a new Covid-19 variant and the resulting travel bans on the country battered its markets.

The stocks most exposed to the pandemic, hotel and leisure, led declines as the JSE slipped the most since late October 2020 after the UK imposed new restrictions on travel to and from SA, dealing a crushing blow to a tourism industry that was looking at the December holiday season to help it claw back some of its losses...