The JSE toppled below 40,000 for the first time since 2012 yesterday, before recovering some of its losses. It still ended the day 8.3% lower, in line with the fall in the US as trade there got underway.

South Africa has joined other countries around the world in employing extraordinary measures to try and contain the spread of Covid-19, including closing schools from tomorrow and imposing travel restrictions. But it has stopped short of curtailing trading at shopping centres, pubs and restaurants. A number of other countries where the pandemic has spread more rapidly have done so.

European shopping centre owners Vukile Property Fund, EPP and MAS Real Estate yesterday warned investors about the impact the temporary closure of shopping centres would have on their operations. Meanwhile, Old Mutual says it's unlikely to meet its financial targets this year as the coronavirus adds pressure to an already weak economy. But Investec went ahead with the listing of asset manager Ninety One on the London and Johannesburg bourses regardless.

Ingham Analytics says that such is the immediacy and savagery of the international equities sell-off that even if you wanted to liquidate to cash in an orderly manner at sensible prices you couldn't. It has written a compelling analysis of events roiling equity and credit markets. At a time of carnage, sparked by Covid-19, this is a must-read for shellshocked investors. You can find the report here.

Also today, Bell Equipment expects to report a sharp slide in full-year earnings and Omnia says it has contained a cyberattack on its systems last week.

Brace yourselves, it's not over yet.

Stephen Gunnion

Managing Editor, InceConnect

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