CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Local shares tumble, following global sell-off of riskier assets
The FTSE/JSE All Share Index fell 6.23percent to 48820 points and the Top 40 Index tumbled 6.57percent to 43687 points yesterday as the local market followed a global sell-off of riskier assets sparked by continuing fears over the spread of the coronavirus and the tit-for-tat war between Russia and major oil-producing nations.
2. WATCH: Rand strengthens beyond key levels overnight
The South African currency regained composure during European trade yesterday after an oil price shock caused the local unit to plummet earlier in the Asian trading session according to NKC Research.
3. Sasol is biggest SA loser in oil price collapse
Petrochemicals giant Sasol became the biggest South African casualty of the collapse in the oil price, plunging 46.56 percent to R85.35 yesterday following failed talks between Russia and the Opec alliance at the weekend.
4. Eskom set for some respite thanks to crude plunge
The plunge in international oil prices has a potential upside for South Africa’s debt-stricken state power utility.
5. Rand at lowest level in four years as pandemonium hits markets
The rand tumbled to the lowest level in four years yesterday and briefly touched R17 to the dollar before recovering to R15.9466 by 5pm as the global oil-price war sparked pandemonium in world markets.
6. SAA begins retrenchment process, nearly 5000 employees to be affected
South African Airways (SAA) has issued notice to all 4700 of its employees that it intends to begin consultations on retrenchments, the business rescue practitioners (BRPs) for the troubled national carrier said on Monday.
7. Sasol shrugs off Moody’s downgrading
Sasol's president and executive director, Fleetwood Grobler, said on Friday that ratings agency Moody’s revised rating profile of the petroleum group was not expected to have a material impact on its funding costs.