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SA assets crash as Ramaphosa's exit rumours prompt risk spike

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President Cyril Ramaphosa.
President Cyril Ramaphosa.
Kirsty Wigglesworth - WPA Pool/Getty Images

The rand and local equities crashed on Thursday, with local bonds having their worst day since 2015, as investors digested news that SA’s political and economic outlook just became far riskier.

The rand fell almost 4% to R17.64/$, while the yield on the local 10-year government bond spiked 91 basis points to 11.71%, an 8% crash, and some local banks fell by almost double digits. 

The rand's loss was the biggest since November 2016. The slump in banking stocks was the worst since April 2020, at the height of the Covid-19 pandemic.

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Rand - Dollar
17.77
-1.2%
Rand - Pound
21.44
-1.3%
Rand - Euro
19.03
-1.0%
Rand - Aus dollar
12.30
-0.7%
Rand - Yen
0.14
-0.9%
Platinum
972.00
-1.5%
Palladium
1,643.39
-0.6%
Gold
1,874.34
+0.0%
Silver
22.27
+0.4%
Brent Crude
83.69
+3.2%
Top 40
73,968
+0.7%
All Share
79,976
+0.6%
Resource 10
74,722
+0.2%
Industrial 25
103,851
+1.2%
Financial 15
16,339
+0.0%
All JSE data delayed by at least 15 minutes Iress logo
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