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SA bank stocks regain billions lost when Zuma fired Nene

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(iStock)
(iStock)

Johannesburg - South Africa’s banks index rose in Johannesburg to levels not seen since before President Jacob Zuma unexpectedly fired Finance Minister Nhlanhla Nene in December, causing lenders including FirstRand and the local unit of Barclays to plummet by records.

The seven-member FTSE/JSE Africa Banks Index climbed as much as 4.2% on Thursday in the city to its highest since December 4.

The biggest gainers were Barclays Africa Group [JSE:BGA], which rose as much as 6.3%, and Standard Bank [JSE:SBK], which jumped as much as 6%. The rand, which tumbled after Zuma’s move, has rebounded to be 0.4% higher this year.

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ZAR/USD
15.21
(-0.85)
ZAR/GBP
20.65
(-0.04)
ZAR/EUR
18.37
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