Just over a month in and the coronavirus is wreaking havoc on the markets. The spread of the COVID-19 virus beyond China - as well as the impact it's likely to have on the world's second-biggest economy - has sent stock markets sharply lower, while risky assets including the rand have also been affected.

The JSE's All Share index tumbled a further 2.9% yesterday, taking losses this week to 6.8%. There have been even bigger declines in Europe and the US. Wall Street's broad market S&P 500 index fell for a sixth day, taking its losses over the past week to 12% and into correction territory - a drop of 10% or more from a recent peak.

A growing number of companies have also also warned of the impact COVID-19 could have on their operations. Anheuser-Busch InBev has suffered a big decline in beer sales in China, while Steinhoff International says it may result in big sourcing challenges. On Tuesday, Grindrod Shipping said the pandemic had disrupted demand and trading patterns in shipping markets.

Both AB InBev's and Steinhoff's shares fell sharply yesterday. On the upside, British American Tobacco and Mondi gained after declaring higher dividends. Although Impala Platinum resumed dividend payments after a lengthy hiatus, its shares followed the platinum price lower.

Also today, there's no dividend from Massmart as it rolls up its sleeves and gets to work turning its operations around. And all the latest mergers and acquisitions news from DealMakers.

Finally, Jaltech Fund Managers, explains how to cushion your capital gains tax liabilities as the tax year draws to a close. Follow this link to find out more.

I hope you have a good weekend.

Stephen Gunnion

Managing Editor, InceConnect

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