The COVID-19 pandemic has been an ever-evolving phenomenon since it broke out more than one year ago. As such, the variables that affect its evolution must be continuously monitored. The emergence of a new variant in South Africa, named B.1.1.529, has fuelled market risks for its potential disrupting effect. In this brief note, we examine, based on the data available, the foreseeable impact of this new variant against the current backdrop of public health normalization. We try to answer the following questions: