After initially showing some resistance in the morning the FTSE/JSE Africa All Share Index (Alis) slumped 6.40% to close at 38 921 points.
This latest plunge followed it closing down 9.7% last Thursday and 7.60% on Monday.
The JSE along with other markets around the world have taken a negative turn as concern around the economic impact of the deadly Covid-19 virus, which has infected 194 000 people around the world and led to the deaths of 7 800 people, grows. South Africa has 116 cases.
One of the biggest fallers today was property group, NEPI Rockcastle, which dropped 30.70% to close at R54.55. Investment holding company PSG also had a difficult day, with its shares falling 25.75% to R37.81.
The financial sector was one of the hardest hit with its index dropping 7.63% to 2 065 points with all of the country’s largest banks getting knocked. Retail bank Capitec fell 28% to R800, FirstRand dropped 14.30% to R36.80 and Standard Bank was down 12.80% to R104.23.
There was a similar story with Nedbank, which closed down 12.20% to R111.61 and Absa, which ended the day down 11.52% at R95.80.
Some shares should some resilience. Kumba Iron Ore closed up 8.85% to R289.85 and Ninety One, Investec’s unbundled asset management group ended the day 7.70% up at R32.90.
British American Tobacco also regained some ground, rising 4.61% to R528.08, after falling over 16% over the past seven days.
Luxury goods groups, Richemont also saw a slight reversal with its shares up 1.42% to R89.56. This follows it losing 14% of its value over the past seven days and about 20.46% over the past 90 days.
It was, however, an odd day for Sasol. The chemicals and petroleum group saw its counter close down 7.14% to R34.07. This was after it traded down as low as R26 from its opening, and then rising as much as R42.90 in less than hour from 3:15pm, before falling to its eventual close.
The yoyo-ing of its shares follows it closing down 18% from its opening of yesterday. This was despite announcing plans to recapitalise itself through the sale of assets and a possible $1.4 billion, equal to less than R23 billion rights issue, yesterday morning. Its share price has dropped 88% for the year to date.
Today’s fall in the Alsi comes as the South African Reserve Bank’s (Sarb) monetary committee announces its decision whether to cut the repo rate (the rate Sarb lends to commercial banks) or not, tomorrow.
The committee is expected to cut rates, but the size of the cut is a matter of debate, as in spite of the weakening economy, it has opted to remain conservative.