SA's big four banks lost R127bn in two days when former Finance minister Nhlanhla Nene was fired. In the last 2 weeks since Finance Minister Pravin Gordhan's Hawks' woes, they lost R100bn. Is anybody listening now, asks Alec Hogg.
In a report published on Tuesday, independent financial analyst Mark Ingham suggested the day the Hawks started gunning for Finance Minister Pravin Gordhan, 23/8, was turning into a “mini 9/12” – the day Nenegate began.
The numbers show it’s not that “mini” anymore. In the last two weeks, share prices of SA’s big four banks are all down double digits in percentage terms. As a result, FirstRand, Standard, Barclays Africa and Nedbank are worth a staggering R100bn less than a fortnight back.