JSE bloodbath as SA's top four banks plunge more than 5%

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(Gianluigi Guercia, AFP)
(Gianluigi Guercia, AFP)

Johannesburg - Investors on the JSE on Friday started to get rid of stocks with big exposure to the South African economy and fled towards rand hedge shares, which earn most of their income abroad.

This led to a bloodbath in the financial sector, with share prices of South African’s top four banks plunging more than 5% in early trade.

This was the market’s reaction to Thursday night’s shocking - although not totally unexpected - news that President Jacob Zuma has replaced Pravin Gordhan as minister of finance with Malusi Gigaba, one of his close allies with strong ties with the controversial Gupta family.

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Rand - Dollar
13.76
+0.1%
Rand - Pound
19.41
-0.1%
Rand - Euro
16.67
+0.2%
Rand - Aus dollar
10.60
-0.1%
Rand - Yen
0.13
-0.1%
Gold
1,857.19
-0.1%
Silver
27.76
+0.3%
Palladium
2,799.00
+1.4%
Platinum
1,148.00
-0.7%
Brent Crude
73.99
+1.6%
Top 40
61,062
0.0%
All Share
67,311
0.0%
Resource 10
64,119
0.0%
Industrial 25
88,248
0.0%
Financial 15
13,596
0.0%
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