The JSE’s all share index started the week with an instant loss of 6% in opening trading, as global panic selling intensified.

Last week, the JSE lost 15% of its value – and suffered two of its biggest crashes in the past forty years. On Monday, the JSE’s all share index dropped by more than 6%, while on Thursday the market lost 9.7%.

Sasol was down 15% again on Monday, to R42.99 – after last week briefly dipping below R30.

Mining shares were also hit badly – including Gold Fields (-16%), Exxaro (-15%), Northam (-13%), Sibanye (-13%) and Harmony (-8%).

Financial stocks were also down, with FirstRand and Standard Bank down more than 7%.

On Sunday, the US central bank announced an emergency interest rate cut of a full percentage point, which brought rates to between 0 percent to 0.25 percent. In reaction, the rand strengthened to R16.06/$, as it is offering attractive interest by comparison. The South African repo rate is still at around 6.25%.

But by Monday morning, the rand has weakened to R16.58/$.

The Fed rate cut has not done anything to calm panic in the market – and with rates now close to 0%, investors are worried about where future help will come from.

“Not only has the Federal Reserve thrown all of its tools out of the toolbox to help combat the economic pressures that the coronavirus will bring to the world economy, it has done so by firing all of its guns, grenades as well as bazookas at the problem and it can’t be helped to hold concern following this move regarding what ammunition does the Fed truly have left,” Jameel Ahmad, Global Head of Currency Strategy and Market Research at FXTM, said.

US futures slumped on Monday, and trading had to stop after maximum losses were reached.

Firefighters were on Sunday battling a blaze on Signal Hill in Cape Town, where houses and cars had caught alight.
Image: Esa Alexander
More than 200 firefighters are battling a blaze on Signal Hill in Cape Town, with vehicles and homes on fire.

City of Cape Town fire department spokesperson Jermaine Carelse said that the fire started on the mountain slopes below Tafelberg Road at about 12.50pm.

There were reports of four houses that caught alight in Trek Road, and others affected on Intel Road.Six cars were severely burnt and five others damaged in a fire on Signal Hill, Cape Town, on Sunday.
Image: City of Cape Town
In total, some 203 firefighters were battling the blaze.

The City of Cape Town said that six vehicles were “severely damaged” and five others affected on Signal Hill Road.

Cabinet ministers involved in the government’s response plan to deal with the coronavirus epidemic will on Monday brief the media.

In a swift move to contain the spread of the virus, President Cyril Ramaphosa announced the implementation of strict travel bans on foreigners from high-risk countries, including Italy, Iran, South Korea, Spain, Germany, the US, the UK and China, effective from Wednesday.SA schools will also be closed from Wednesday.

The government has also prohibited public gatherings of more than 100 people and postponed Human Rights Day commemorations.

“We have now declared a national state of disaster in terms of the Disaster Management Act. This will enable us to have an integrated and co-ordinated disaster management mechanism that will focus on preventing and reducing the outbreak of this virus. We will also be able to set up emergency rapid and effective response systems to mitigate the severity of its impact,” Ramaphosa said after a cabinet meeting at the Union Buildings in Pretoria on Sunday.

Imtiaz Sooliman, founder of Gift of the Givers, says the organisation has put aside R5m from its emergency reserves to help in the fight against coronavirus.
Image: Thapelo Morebudi
Humanitarian group Gift of the Givers has pledged its support in the fight against the coronavirus, should the need arise.

The organisation’s founder, Imtiaz Sooliman, said R5m had been put aside from emergency reserves for this purpose.

Sooliman said Gift of the Givers would also make available its emergency medical equipment and ambulances to support public health services, if necessary.

“It is at this critical phase that Gift of the Givers intends to intervene if the need arises, focusing on providing protective equipment for high-risk medical personnel in the front line dealing with the virus, and purchasing ventilators, intubation sets and general medical supplies required for the management process,” he said.

President Cyril Ramaphosa declared a state of disaster on Sunday after the number of confirmed coronavirus cases in the country reached 61.

The president implemented bans and restrictions regarding schools, universities, prisons, visas, travel and group gatherings.

Sooliman said with BackaBuddy they would start a crowdfunding initiative to “intervene at more facilities should the volume of critically ill patients increase”.These are only precautionary steps, with no need to cause panic, as the greatest form of disaster management is disaster preparation. The reality is that government alone will not manage if we have large numbers of critically infected people.

“Support from corporates, medical and other professionals, high net worth individuals and anyone and everyone who can contribute in some way will be mandatory,” he said.

Sooliman said borehole drilling programmes would continue in the Eastern Cape and QwaQwa, targeting schools, clinics and hospitals, delivering clean water via tankers for drinking and hygiene purposes seven days a week.

“The absence of clean water in drought affected areas will complicate efforts to curtail the spread of the virus. Government needs to consider appropriate action urgently.

“Another simple measure that may not cause too much disruption is to extend the Easter school holidays by a week.”

Contributions can be made to BackaBuddy to “support the doctors, nurses and medical staff that work in the ICUs and high care units across medical facilities in SA” or to the Gift of the Givers, Standard Bank, Pietermaritzburg, account number 052137228, reference Covid-19.

There were mixed emotions from Polokwane residents on Saturday afternoon as they watched buses ferrying South African citizens repatriated from Wuhan coming through the Limpopo capital, and making their way to the lodge where they will be quarantined.

Four buses carried 114 citizens, 18 crew members, 14 medical officers and three embassy officials who disembarked the South African Airways’ Airbus A340-642 at around 10:30 at Polokwane International Airport on Saturday.

Several roads were closed to allow the convoy smooth access as it made its way to Protea Hotel’s The Ranch Resort, situated just 25km outside the CBD.

Residents watched from a distance as the South Africans, who had masks on, were transported from the town to the resort.

At a filling station on the R101, scores of residents recorded the moment the buses drove past.

“I don’t know how I feel because I see SA is trying to help others get healed. I am happy [citizens were repatriated] because South Africa is doing something,” Johannes Baloyi said.

‘What makes me happy is that they are not sick’

Some people started gathering at the garage after police cordoned off the route which leads to the resort. The area is on complete lockdown and guarded by SANDF troops and police officials, who will also be quarantined.

“I was touched, watching our children inside those buses, but what makes me happy is that they are not sick,” Mafiwa Madubanya said.

Madubanya said she was aware that some people were unhappy that the quarantine would be happening in the province. She added that she was looking forward to seeing the SA citizens going back to their communities after their quarantine period.

“Limpopo province is part of South Africa. And all those people are part of us. I have no issues that they are here and I hope that they can be cleared from the virus,” she added.

The group were welcomed by the hotel’s staff, along with medics from the SA Health Military Service, who will monitor them throughout the process.