File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Mar 17, 2020

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CAPE TOWN - Good morning. This is all the latest business news that you need to know today.

1. MAS and Vukile will weather the storm

MAS real estate and Vukile Property Fund said yesterday that they had sufficient cash resources to see them through the business disruption caused by the spread of the coronavirus (Covid-19).

2. WATCH: Rand trades little changed overnight

The South African currency plunged as markets digested a wave of risk-off sentiment, amid deepening coronavirus concerns, piling into safe haven assets as Fed easing failed to soothe concerns with the unleashing of a series of urgent measures to restore normal market functioning, prevent liquidity shortages and ensure credit flow according to NKC Research. 

3. Car companies dodged parts shortage, but virus poses new threat

When the coronavirus cut off the flow of parts from China in early January, most global car companies were ready: Anticipating such a crisis, they had prepared to tap other suppliers and to conserve parts that they had stored.

4. Investec’s shares take a hammering after Ninety One demerger

The shares of Investec plc and Investec Ltd plunged more than 49 percent yesterday following the completion of the Ninety One demerger in line with a 11.64 percent decline in the JSE All Share Index.

5. Minister discourages stockpiling, bulk buying

Minister of Trade and Industry Ebrahim Patel has discouraged stockpiling and bulk buying of groceries and other essentials as many South Africans fear that the spread of the coronavirus (Covid-19) could lead to a lockdown in the country. 

6. Downward spiral on the JSE continues

The JSE continued its downward spiral yesterday after yet another bloodbath that saw stocks tumble and the rand weakening against the dollar following the government’s decision to impose travel bans on foreign nationals from coronavirus (Covid-19) highrisk countries. 

7. Gold falls again after the metal’s worst week in four decades

Gold extended losses after its worst week in almost four decades, with investors “selling whatever they can” as the widening economic impact of the coronavirus spurred panic across markets.

BUSINESS REPORT ONLINE

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