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

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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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ZAR/USD
17.63
(-0.14)
ZAR/GBP
23.01
(-0.05)
ZAR/EUR
20.78
(-0.04)
ZAR/AUD
12.62
(-0.03)
ZAR/JPY
0.17
(-0.02)
Gold
2034.21
(+0.05)
Silver
28.28
(+0.09)
Platinum
961.50
(+0.38)
Brent Crude
44.55
(-1.53)
Palladium
2166.01
(+0.63)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
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