The JSE took another thrashing yesterday as global markets shrugged off additional stimuli from governments aimed at softening the economic impact of the spreading Covid-19 pandemic. According to Reuters, yesterday's 7.2% fall took the local market back to 2013 levels, while the rand weakened to its worst in four years against the dollar.

Sasol continued its decline as well, shedding a further 7.3% to R34. The company is under severe pressure due to the recent collapse of the oil price at a time when its debt is peaking and will need to raise capital from asset sales and possibly a rights issue. Andrew Kinsey, one of the top traders and financial markets educationalists in South Africa, has joined forces with Ingham Analytics and provides some valuable insight. Followthis linkfor his latest report.

The JSE indices are closely linked to international financial market developments and recent events bring that into stark relief, says Ingham Analytics in its Equity and Credit Markets Insight. What at first seemed like a relatively mild and arguably welcome market correction, from the third week in February turned into a disorderly stampede for the exits. Ingham Analytics provides a helpful perspective on what is driving markets. Are we close to the point of capitulation? Is exhaustion on the horizon? Is a shorting strategy sensible or not? What about the US credit market? Click here to find out.

Meanwhile, despite reporting record results, Metair's shares also weakened sharply yesterday, as did those of Libstar. Read on for more on their 2019 numbers, as well as updates from Balwin Properties, PPC, TeleMasters and Unicorn Capital Partners.

Today, the Reserve Bank ends its two-day monetary policy committee meeting. Expectations are for a 25-50 basis point cut in interest rates.

I'll have the details tomorrow. Until then, stay safe!

Stephen Gunnion

Managing Editor, InceConnect

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