Shares of Sasol Surge as South Africa Eases Lockdown Restrictions
Shares of South African chemical supplier Sasol (NYSE: SSL) are up 13.8% as of 12 p.m. EDT today. The rise in shares comes after the South African government announced it was moving to level three of its coronavirus response lockdown protocol.
South Africa's response to the coronavirus pandemic and global demand for petroleum products has hit Sasol's business hard. A little over a month ago, it announced it was suspending operations at its Natref crude oil facility and was reducing the production of synthetic fuel (a gasoline-like product manufactured from coal) by 25%. These moves all came at a time when the company was dealing with an extraordinarily high debt load.
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Source Fool.com
