Bourse has dropped only 14% since March 5 when the first Covid-19 case was confirmed
Since the March selling frenzy that sent the JSE all share index to levels last seen nearly seven years ago, it has been on a gravity-defying run that seems to brush aside all kinds of bad economic news stemming from the Covid-19 outbreak.
The respiratory disease forced governments worldwide to roll out unprecedented restrictions on people’s movement, bringing whole industries to a grinding halt and prompting economists to throw out their growth forecasts. Companies are scrambling for cash, drawing down on their credit facilities and punishing employees with deep salary cuts, retrenchments or unpaid leave.
Naspers and its subsidiary Prosus are sitting on about $4bn in cash and $2.5bn more in undrawn credit facilities to not only sail through the economic contagion but also to scan the globe for acquisitions.
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