The chemicals group is on track for the worst day in its history as it battles a crashing oil price and problems at its Lake Charles facility in the US
The share price of Sasol fell as much as 50% to R79 on Monday morning, wiping about R50bn off its market capitalisation. Picture: BLOOMBERG / WALDO SWIEGERSChemicals group Sasol was on track for its worst day on the market in its history on Monday morning, with its share price halving as global oil counters were battered by the threat of oil’s biggest daily loss since 1991.
The share price of Sasol, which produces synthetic oil from coal, fell as much as 50% to R79 on Monday morning, wiping about R50bn off of its market capitalisation. Oil prices earlier fell as much as 31% after the Saudi move to start a price war. This followed Russia’s refusal on Friday to put production cuts proposed by Opec into effect, putting oil on track for its worst day in almost three decades.
Sasol’s share price had already been under pressure after Moody’s Investors Service downgraded its long-term debt to junk status, amid cost overruns and production difficulties at its Lake Charles facility in the US.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global stocks plunge as oil price skids even lowerEquities fall after Saudi Arabia launches an oil price war with Russia, sending already-panicked investors fleeing for safety
Read more »
Oil plunges 25% after Saudi Arabia cuts pricesPrice war starts after Russia balks at making the further steep output cuts proposed by Opec to stabilise markets
Read more »
First salvo fired in oil price warAt least six refiners from China to Singapore say they will nonetheless try to maximise purchases from Saudi Arabia storage capacity permitting
Read more »
Market data — March 6 2020Market data including bonds, unit trusts and fuel prices
Read more »
Saudi Arabia to raise oil output after Opec+ deal collapsesA three-year pact between Opec and Russia ended in acrimony on Friday after Moscow refused to support deeper production cuts
Read more »