Crude awakening: JSE headed for biggest drop since 2008

Business

Crude awakening: JSE headed for biggest drop since 2008

In a sign of the mayhem and confusion gripping the markets, the rand slid 8% to its weakest since 2016

Karl Gernetzky

It was a bloodbath on SA markets on Monday.

Sasol shares halved as the JSE headed for its worst day since 2008, and the rand breached R17/$ for the first time in four years, driven by a flight from riskier assets due to an escalating dispute between oil majors Russia and Saudi Arabia.

The JSE all-share crashed 6.04% to 48,918.04 points on Monday morning, on track for its worst one-day performance since the 2008 financial crisis, with resources stocks losing 8.75%. In a sign of the mayhem and confusion gripping the markets, the rand slid 8% to its weakest since January 2016, only to recover by a rand before midday...

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