Fidelity bank banner UBA banner
South African banks suffer heavy losses following sack of finance minister

By News Express on 01/04/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,008

•Dismissed South African Finance Minister Pravin Gordhan.
•Dismissed South African Finance Minister Pravin Gordhan.


The JSE’s banks had R86bn of their market capitalisation wiped out on Friday morning as the market reacted to President Jacob Zuma’s firing of Finance Minister Pravin Gordhan and his deputy, Mcebisi Jonas.

Worst hit was FirstRand, whose share price crashed 12% to R43.25 from Thursday’s close of R49.12, equating to a R33bn drop in its market cap.

The next biggest casualty was Standard Bank, with a 9.2% drop to R139.50 from R153.70, knocking its market cap by R23bn.

Rand Merchant Holdings fell 7.9% to R56.69, reducing its market cap by R6.9bn.

Barclays Group Africa fell 7.6% to R138.80 from R150.27, cutting its market cap by R9.7bn.

Nedbank fell 6.8% to R242.80 from R260.65, equating to an R8.9bn reduction in market cap.

Capitec fell 5.4% to R755.01 from R798, reducing its market cap by R5bn.

The JSE’s banking index lost 7.7%, falling to 7,017 points from Thursday’s 7,602.

Text courtesy of Business Day SA.


Source News Express

Posted 01/04/2017 1:16:13 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
Humans now have longer lifespan: New Study

Rivers 2019: West challenges Wike for PDP governorship...

Boko Haram kills 5 in cross border attack,...

Senate Committee queries FIRS over N1.6 billion welfare...

Nigerian stocks drop to 9-month low on mixed...

Zamfara APC Guber Primary: It will be fire...

Police reopens Ronaldo’s rape case

Nigeria’s foreign reserves hit 19-month high

Amaechi and the education revolution in Rivers State...

Rise and fight corruption, Buhari urges religious movements...

Group that warned Atiku to drop Peter Obi...

NiMet predicts partly cloudy weather on Thursday, with...


Latest News Dasuki, Diezani, Shema, Fayose’s houses top list of seized assets Cholera kills 1,110 in 29 states Boko Haram orphans 52,311 in Borno, turns 54,911 women into widows Minimum Wage: Governors raise committee to re-strategise, dialogue with Buhari NNPC fires over 80 senior staff for failing promotion exams Nigeria moves to manufacture helicopters locally Militants flog teachers in front of students 2019: Ogboru wasting his time, can’t beat Okowa — Clark NECO postpones commencement date for November/December examination Mimiko pulls out of presidential race for Senate General Electric pulls out of Nigeria rail concession Obasanjo to politicians: Use only your children as thugs


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (420,546 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (389,737 views) Shameless Genevieve Nnaji exposes breasts in public (322,577 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (271,278 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (243,905 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,369 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (208,837 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (190,309 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (175,660 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,447 views) Lagos plane crash: Journalist releases victims’ names (164,918 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (151,850 views)


Zenith Zero Balance First Bank banner


Categories Advertorials (3) African Press Organisation (81) Art & Literature (72) Business & Economy (3,791) Business Verdict (54) Columnists (961) Complaints & Requests (94) Enterprise & Opportunities (208) Entertainment (566) Features (668) Global Business Monitor (309) International (2,679) Interview (166) Live Commentary (28) Love Matters (146) Maggie's Blog (33) News (40,553) Opinion (1,140) Pidgin (13) Politics (7,722) Religion (897) Sports (1,773) Stock Watch (35) AMA & Al Jazeera Global Update





APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera