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Stock Alert: Sasol Surges 54%

Shares of Sasol Limited (SSL) are gaining more than 54 percent in Tuesday's trading at $3.92 despite no stock-specific news. The stock has traded in a range of $1.25 to $34.03 in the past 52 weeks.

Sasol is an integrated chemical and energy company based in South Africa.

U.S. stocks are rising on Tuesday amid signs that the spread of the coronavirus is slowing in hot spots such as New York. New York Governor Andrew Cuomo said Monday that the number of new coronavirus deaths in the state has been "effectively flat" over the past two days. Crude oil futures are also rising, after falling the previous session.

In late March, Sasol said it fully supports the directives announced by South African President Cyril Ramaphosa on 23 March 2020, to combat the spread of COVID-19 in South Africa, including a three-week country-wide lockdown from March 27, 2020 to April 17, 2020.

As Sasol's products and services are classified as essential goods and services in South Africa, the company said it plans to run its South Africa-based operations for the duration of the lockdown. The company will work with the Government to ensure business continuity and uninterrupted supply of fuels and chemicals in South Africa during this period.

However, the company noted that some plants will be required to reduce throughput, or potentially shutdown following lower product offtake by its customers due to the lockdown.

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