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Mark Ingham: Banking shares vulnerable as risk of Nenegate II is rising

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Independent financial analyst Mark Ingham casts his eye over the “mini Nenegate” of the past week. The falling Rand and 50 basis point spike in bond rates was sparked by the Presidency’s second attempt to effect absolute control over the SA National Treasury and its state-owned enterprises.

Ingham advises investors to steer clear of SA banking stocks, explaining why another post-Nenegate plunge of 20% is not inconceivable. He shared his ideas with Biznews.com’s Alec Hogg.

This special podcast is brought to you by EasyEquities and Mark Ingham, a financial analyst joins us on the line from Johannesburg. Mark, you’ve been very hard at work recently analysing the developments in the South African economy. Quite interesting just going back a week or so, 238 you say, or the 23rd of August could be 912 Light. Let’s just start off on what that cryptic headline means 912, the whole Nenegate saga.

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