Rand, stocks tumble as coronavirus adds to budget worries

JOHANNESBURG – South Africa’s rand tumbled more than 1% while stocks plunged to a two-month low as a sharp rise coronavirus cases overseas combined with concerns about the upcoming budget speech knocked down local assets.Bonds, however, held firm with investors treading cautiously and happy to hold the country’s high-yielding debt.“Bonds can be seen as a bit of a safe-haven, in the rand market specifically. And with the currency and equities being knocked there’s probably been some temporary allocation into bonds,” said bonds trader at RMB Michelle Wohlberg.Local bonds trade at a favourable differential, or carry trade, to those of developed countries offering zero or negative yields, largely due to low inflation and high lending rates.But the currency, down around 9% since January, has not been able to escape the cocktail of weak economic growth and heightened risk aversion stoked by the increasing number of coronavirus cases outside China.Italy, South Korea and Iran reported sharp increases in coronavirus cases over the weekend, giving global markets a scare.Bianca Botes, an analyst at Peregrine Treasury, said the toll on global growth of the virus outbreak was likely to be larger than initial forecasts, pushing investors out of emerging markets even as they were still on the hunt for yields.“The carry trade will always be important. People will always be seeking yield. The question is how much of that is coming into South Africa. If it wasn’t for the carry trade supporting the rand, it could have been trading around 15.50 by now,” Botes said.At 1530 GMT the was 1.02% weaker at 15.1650 per dollar.The selloff in equities, with the Top-40 index down 4.5% to 49,267 points and the All-Share sliding 4.3% to 54,880 points, was led by miners, consumer goods firms and telecoms.Miners Amplats, AngloGold Ashanti and Impala Platinum all fell more than 8% as the virus-related risk-off mood paired with a pullback in global platinum and palladium prices.Retailers also suffered, with clothes seller Foschini shedding 7.5%, while consumer goods firms Tiger Brands and Woolworths tumbled more than 4%, worsened by the negative growth outlook.A Reuters poll this month forecast 2020 GDP growth of 0.8%, while a survey last week suggested the Treasury will raise taxes in the Feb. 26 budget to increase revenues and ward off a ratings downgrade to junk status by Moody’s.“Depending what the finance minister says on Wednesday, anything like increases in company taxes or VAT, would hit the retailers hard,” said analyst at Unum Capital Lester Davids, warning that bargain-hunting at the moment was too risky.“Retailers aren’t a screaming buy and the P.E’s are still very elevated. You’d need some special skills to catch this falling knife.”Source: EWN

69 thoughts on “Rand, stocks tumble as coronavirus adds to budget worries

  • April 10, 2020 at 12:19 pm
    Permalink

    We stumbled over here by a different web address
    and thought I might check things out. I like what I see so i am just following you.
    Look forward to looking over your web page repeatedly.

  • April 19, 2020 at 8:22 am
    Permalink

    Thanks for the marvelous posting! I genuinely enjoyed reading
    it, you might be a great author. I will remember
    to bookmark your blog and will often come back from now on. I want to encourage yourself to continue your great writing, have a nice day!

  • April 20, 2020 at 12:22 am
    Permalink

    I am not sure where you’re getting your information, but great topic.
    I needs to spend some time learning more or understanding more.
    Thanks for excellent information I was looking for
    this info for my mission.

  • April 24, 2020 at 11:26 am
    Permalink

    Your mode of telling the whole thing in this post is really good, all can simply know it, Thanks a lot.

  • April 27, 2020 at 5:54 pm
    Permalink

    I am truly pleased to glance at this weblog posts which includes
    plenty of valuable data, thanks for providing these kinds of data.

  • April 29, 2020 at 9:45 pm
    Permalink

    Hi there, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam
    responses? If so how do you protect against it,
    any plugin or anything you can recommend?
    I get so much lately it’s driving me crazy so
    any assistance is very much appreciated.

  • May 1, 2020 at 7:08 am
    Permalink

    My family members all the time say that I am wasting my time here at net, except I know I am getting experience every day by reading
    thes pleasant articles.

  • May 9, 2020 at 12:59 am
    Permalink

    This is a topic that is near to my heart… Best wishes! Exactly where are your contact details though?|

  • May 10, 2020 at 8:33 am
    Permalink

    Hi, I check your blogs regularly. Your story-telling style is witty, keep it up!|

  • May 15, 2020 at 6:01 am
    Permalink

    I am really grateful to the holder of this web site who has shared this fantastic piece of writing at at this time.|

  • May 15, 2020 at 9:53 am
    Permalink

    This design is spectacular! You most certainly know how to keep a reader entertained. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Fantastic job. I really loved what you had to say, and more than that, how you presented it. Too cool!|

  • May 15, 2020 at 2:39 pm
    Permalink

    Hi there, I enjoy reading all of your post. I like to write a little comment to support you.|

  • May 15, 2020 at 2:54 pm
    Permalink

    Greetings! Very helpful advice in this particular article! It’s the little changes which will make the biggest changes. Many thanks for sharing!|

  • May 16, 2020 at 5:15 am
    Permalink

    Wow, amazing blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your web site is wonderful, let alone the content!|

  • May 16, 2020 at 10:52 am
    Permalink

    Hi there! This is my 1st comment here so I just wanted to give a quick shout out and say I really enjoy reading your articles. Can you suggest any other blogs/websites/forums that deal with the same topics? Thank you!|

  • May 17, 2020 at 3:01 am
    Permalink

    I’m curious to find out what blog system you’re using? I’m having some minor security problems with my latest site and I’d like to find something more secure. Do you have any suggestions?|

  • May 17, 2020 at 4:21 am
    Permalink

    This piece of writing will help the internet people for setting up new website or even a blog from start to end.|

  • May 17, 2020 at 12:06 pm
    Permalink

    Hurrah! In the end I got a weblog from where I be able to really get valuable data concerning my study and knowledge.|

  • May 18, 2020 at 1:19 am
    Permalink

    It’s amazing in support of me to have a site, which is helpful in favor of my knowledge. thanks admin|

  • May 18, 2020 at 9:25 am
    Permalink

    What’s Going down i am new to this, I stumbled upon this I’ve found It positively useful and it has helped me out loads. I hope to contribute & help other customers like its aided me. Great job.|

  • May 20, 2020 at 5:52 am
    Permalink

    I’m not that much of a online reader to be honest but your sites really nice, keep it up! I’ll go ahead and bookmark your site to come back in the future. Cheers|

  • May 22, 2020 at 6:40 pm
    Permalink

    It’s great that you are getting ideas from this paragraph as well as from our dialogue made at this place.|

  • May 22, 2020 at 6:41 pm
    Permalink

    Can I simply say what a relief to find somebody that actually knows what they’re discussing on the net. You certainly realize how to bring a problem to light and make it important. A lot more people really need to check this out and understand this side of the story. I can’t believe you aren’t more popular because you surely have the gift.|

  • May 23, 2020 at 6:27 am
    Permalink

    I have to thank you for the efforts you’ve put in penning this blog. I am hoping to see the same high-grade blog posts from you in the future as well. In truth, your creative writing abilities has encouraged me to get my very own blog now ;)|

  • May 23, 2020 at 7:16 pm
    Permalink

    Hi there! I’m at work surfing around your blog from my new iphone 4! Just wanted to say I love reading through your blog and look forward to all your posts! Keep up the fantastic work!|

  • May 23, 2020 at 10:19 pm
    Permalink

    Hi to all, how is all, I think every one is getting more from this web page, and your views are nice for new visitors.|

  • May 25, 2020 at 1:49 pm
    Permalink

    My partner and I absolutely love your blog and find many of your post’s to be just what I’m looking for. Does one offer guest writers to write content for you personally? I wouldn’t mind producing a post or elaborating on a number of the subjects you write about here. Again, awesome weblog!|

  • May 26, 2020 at 10:29 am
    Permalink

    Thanks a bunch for sharing this with all folks you actually recognise what you are talking approximately! Bookmarked. Please additionally visit my website =). We will have a hyperlink change arrangement between us|

  • May 28, 2020 at 9:03 pm
    Permalink

    If you wish for to increase your knowledge only keep visiting this web site and be updated with the latest information posted here.|

  • May 29, 2020 at 5:34 pm
    Permalink

    Outstanding post however I was wondering if you could write a litte more on this topic? I’d be very thankful if you could elaborate a little bit more. Appreciate it!|

  • May 29, 2020 at 7:14 pm
    Permalink

    Hi there, You’ve done an incredible job. I’ll certainly digg it and personally suggest to my friends. I’m confident they’ll be benefited from this website.|

  • May 29, 2020 at 8:51 pm
    Permalink

    My developer is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using WordPress on numerous websites for about a year and am anxious about switching to another platform. I have heard fantastic things about blogengine.net. Is there a way I can import all my wordpress content into it? Any kind of help would be greatly appreciated!|

  • May 30, 2020 at 6:20 pm
    Permalink

    I’m extremely impressed with your writing skills and also with the layout on your blog. Is this a paid theme or did you modify it yourself? Anyway keep up the excellent quality writing, it is rare to see a nice blog like this one these days.|

  • May 31, 2020 at 11:56 am
    Permalink

    hey there and thank you for your info – I have definitely picked
    up anything new from right here. I did however expertise some technical issues using this website, as I experienced to reload the website lots
    of times previous to I could get it to load properly.
    I had been wondering if your web hosting is OK?
    Not that I am complaining, but slow loading instances times will sometimes affect your placement in google and
    could damage your high-quality score if advertising and marketing
    with Adwords. Well I’m adding this RSS to my email and could look out for much more of your respective fascinating content.
    Ensure that you update this again very soon.

    Feel free to visit my web page – free instagram followers

  • May 31, 2020 at 1:57 pm
    Permalink

    I just could not go away your site before suggesting that I extremely loved the usual information a person provide to your visitors? Is going to be back incessantly to inspect new posts|

  • May 31, 2020 at 7:20 pm
    Permalink

    Hey There. I found your blog using msn. This is a really well written article. I’ll make sure to bookmark it and come back to read more of your useful info. Thanks for the post. I will definitely return.|

  • June 2, 2020 at 5:11 pm
    Permalink

    Superb blog! Do you have any helpful hints for aspiring writers? I’m planning to start my own site soon but I’m a little lost on everything. Would you suggest starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m completely overwhelmed .. Any ideas? Thanks a lot!|

  • June 2, 2020 at 8:33 pm
    Permalink

    Very nice post. I just stumbled upon your blog and wanted to say that I’ve truly enjoyed browsing your blog posts. After all I will be subscribing to your rss feed and I hope you write again soon!|

  • June 3, 2020 at 1:00 pm
    Permalink

    I feel that is one of the so much important information for me. And i’m happy studying your article. But should remark on some normal issues, The site taste is great, the articles is in reality nice : D. Excellent activity, cheers|

  • June 3, 2020 at 2:53 pm
    Permalink

    Hello i am kavin, its my first occasion to commenting anywhere, when i read this post i thought i could also make comment due to this good article.|

  • June 6, 2020 at 8:59 am
    Permalink

    I love your blog.. very nice colors & theme. Did you create this website yourself or did you hire someone to do it for you? Plz answer back as I’m looking to design my own blog and would like to find out where u got this from. appreciate it|

  • June 6, 2020 at 10:16 am
    Permalink

    An interesting discussion is worth comment. There’s no doubt that that you should write more about this issue, it may not be a taboo matter but usually people don’t discuss such issues. To the next! Best wishes!!|

  • June 7, 2020 at 2:56 pm
    Permalink

    Howdy! I simply wish to give you a big thumbs up for the great information you have right here on this post. I will be returning to your website for more soon.|

  • June 15, 2020 at 7:57 pm
    Permalink

    I enjoy what you guys are up too. This sort of clever work
    and reporting! Keep up the wonderful works guys I’ve included you guys
    to my blogroll.

  • June 16, 2020 at 9:41 am
    Permalink

    Hello! Do you use Twitter? I’d like to follow you if that would be okay.
    I’m absolutely enjoying your blog and look forward to new posts.

  • June 17, 2020 at 4:13 pm
    Permalink

    Very quickly this website will be famous among all blog viewers,
    due to it’s pleasant articles

  • June 25, 2020 at 1:26 am
    Permalink

    Thank you for every other informative blog. Where else may I get that kind of information written in such a perfect method? I’ve a project that I am simply now running on, and I have been at the look out for such information.|

    https://issuu.com/tyler-tysdal

  • June 26, 2020 at 2:21 am
    Permalink

    hey there and thank you for your info – I have certainly picked up something new from right here. I did however expertise some technical issues using this web site, as I experienced to reload the web site many times previous to I could get it to load correctly. I had been wondering if your hosting is OK? Not that I am complaining, but slow loading instances times will sometimes affect your placement in google and can damage your high-quality score if advertising and marketing with Adwords. Anyway I am adding this RSS to my e-mail and could look out for much more of your respective fascinating content. Make sure you update this again very soon.|

  • June 28, 2020 at 2:44 am
    Permalink

    Aw, this was an extremely good post. Spending some time and actual effort to make a superb article…
    but what can I say… I hesitate a lot and never seem to get
    nearly anything done.

  • July 26, 2020 at 9:15 pm
    Permalink

    Please let me know if you’re looking for a article writer for
    your site. You have some really good posts and I believe I
    would be a good asset. If you ever want to take some of
    the load off, I’d love to write some material for your blog
    in exchange for a link back to mine. Please blast me
    an email if interested. Many thanks!

  • July 27, 2020 at 12:56 pm
    Permalink

    What i don’t understood is actually how you are no longer actually a lot
    more well-favored than you might be now. You’re very intelligent.
    You understand thus considerably when it comes to this topic, made me individually consider it from a lot of various angles.
    Its like men and women aren’t involved until it’s one thing to
    do with Girl gaga! Your own stuffs great. Always maintain it up!

  • August 6, 2020 at 4:07 am
    Permalink

    I specifically like CBD Isolate gummies because they do not contain any THC so I have peace of mind in the case that I have to take a drug test for work, because I am I law enforcement.

  • August 6, 2020 at 6:10 am
    Permalink

    I will be on the lookout for more of your work.

  • August 8, 2020 at 7:59 am
    Permalink

    For most recent news you have to pay a quick visit the web and
    on world-wide-web I found this web site as a most excellent website for newest updates.
    adreamoftrains web hosting companies

  • August 25, 2020 at 10:48 am
    Permalink

    Hi, i feel that i saw you visited my weblog thus i came to “return the choose”.I am attempting to to find things to enhance my site!I suppose its ok to make use of some of your ideas!!

  • August 26, 2020 at 2:56 am
    Permalink

    Now I am ready to do my breakfast, once having my breakfast coming yet again to read
    more news. cheap flights 3aN8IMa

  • August 27, 2020 at 5:50 am
    Permalink

    Pretty! This has been a really wonderful article.
    Many thanks for supplying this info.

  • August 27, 2020 at 6:14 am
    Permalink

    Hi, I would like to subscribe for this weblog to obtain latest updates, thus where can i do it please assist.

  • September 17, 2020 at 8:30 pm
    Permalink

    I specifically like CBD Isolate products because they do not contain any THC so I have peace of mind in the case that I have to take a drug test for work, because I am I law enforcement.

    https://infinitecbd.com/faq/

  • September 18, 2020 at 7:13 am
    Permalink

    Nice information.

Leave a Reply

Your email address will not be published.