The total number of cases confirmed since the virus was first detected in South Africa now stands at 1170, with the country recording its first death as a result of the virus.

Moody's downgraded South Africa's sovereign credit rating to junk status, joining the other two major agencies.

The agency has downgraded the country one notch to BA-1 from BAA3 and maintained a negative outlook.

The company said the shutdown would continue for several weeks.

Reserve Bank Governor Lesetja Kganyago announced a reduction in the repo rate of 100 basis points to 5.25%.

The reserve bank governor on Thursday announced a reduction in the repo rate of 100 basis points to 5.25%.

The local bourse has followed international markets, with some equities under major pressure.

The local bourse followed international markets with some equities under major pressure.

All public gatherings will be banned, sports events including soccer matches are suspended, and movement is being severely restricted across the nation in a bid to contain the disease caused by the coronavirus.

Markets were shocked overnight, with the price of Brent crude oil spiralling down around 30%.

The local currency had initially strengthened after Finance Minister Tito Mboweni unveiled the plan to cut the public sector wage bill by R160 billion.

The struggling airline assured customers that the airline was here to stay and no more route cuts were expected, despite a number being cancelled at the end of this month.

It's revised this year's forecast to 0.7% and 0.9% for next year and said it had a number of concerns.

The country continues to be hit by load shedding with businesses complaining about lost productivity.

Both Mozambique and the United States (US) have been seeking to prosecute Chang over an alleged R30 billion fraud.

The embattled state-owned company is fighting for its survival after it entered a form of bankruptcy protection last month and cancelled some flights this week because of cash shortages.

There is general consensus that nationwide power cuts have dented economic output and sapped investor confidence in the economy.

Unions have raised suspicion after the cash-strapped airline put up a tender notice on its website this week about selling nine aircraft and fifteen spare engines.