| Friday the 13th came early for the markets, with the JSE tumbling close to 10% in its worst day since 1987. It joins other global markets in bear market territory following the more than 20% tumble from their recent highs. The JSE has now shed 24% in the space of a month and 15% this week alone. Many are calling COVID-19, the coronavirus that has spread rapidly from China since late December, the Black Swan event of 2020. Whether it is or is not, it has hammered markets and forced companies to reprioritise. Coming ahead of a sharp decline in the oil price, Sasol has been the biggest loser on the JSE. It is now taking measures to ensure it can generate positive cash flows if oil prices remain where they are. Meanwhile, Investec has decided not to sell shares in its asset management business when the renamed Ninety One lists on the London and Johannesburg exchanges on Monday. The market turmoil has also come at the worst possible moment for intu Properties as the value of its portfolio deteriorates. The coronavirus could result in fewer visitors to its shopping centres. More on all those stories in your final newsletter of the week, as well as the headwinds Sanlam has had to contend with over the past year and Exxaro's plan to reduce its exposure to coal. Banks have also been pummelled on the JSE in the past few days. While they have been affected by the latest sell-off in world markets, Ingham Analytics believes there are particular reasons to be especially cautious of SA banks. In "2020 budget - backdrop to an outrageous prediction" it has a chilling analysis of the negative implications for capital markets and bank shares. Follow this link to access the report. Let's hope next week brings better news. I hope you have a good weekend. Stephen Gunnion Managing Editor, InceConnect
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