UPDATE 1-South African markets tumble on new COVID-19 variant

UPDATE 1-South African markets tumble on new COVID-19 variant

UPDATE 1-South African markets tumble on new COVID-19 variant (Adds quote, stocks) JOHANNESBURG, Nov 26 (Reuters) - The South African rand sank below 16.00 to the dollar for the first time this year on Friday as, with investors unnerved by the discovery of a significant coronavirus variant in the country, government bonds and shares also tumbled. Stock declines were led by a sharp drop in hospitality shares, as Britain and some other countries restricted travel to South Africa and its neighbours. Britain also said that, because of mutations, the virus variant was considered by scientists to be the most significant one yet found. "Risk-off trade as new COVID-19 variant in South Africa potentially the Grinch that steals Christmas," analysts at ETM Analytics said in a note. "Momentum was already to …
More on: finance.yahoo.com