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The FTSE/JSE Africa All-Share Index ended down 8.3% after sliding by a record 12% at the low point of Monday’s session. Naspers Ltd, South Africa’s biggest stock, fell 8.6% to weigh most on the overall market, while heavyweight Richemont declined 7.9%. Just seven of the benchmark’s 160 members managed gains.
Ramaphosa has endured withering criticism for failing to act decisively enough to spur economic growth and tackle graft since taking office in February 2018, inaction that’s been widely attributed to his tenuous hold over the ruling party. Other measures announced in a televised address on Sunday night could prove unpopular, such as closing of schools for a month and a ban all public gatherings of more than 100 people.
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