MARKET WRAP: Banks and retailers slump as unrest continues

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Rand falls to its weakest level against the dollar in more than three months, boosting mining stocks

Banks and retailers tumbled on the JSE and the rand extended losses as ongoing riots in some parts of the country hurt sentiment, with a number of businesses suffering serious damage and others destroyed.

The unrest, which began sporadically in KwaZulu-Natal late last week after the jailing of former president Jacob Zuma, spread to the country’s economic hub Gauteng and continued on Monday and Tuesday. Widespread looting and vandalism was seen across both provinces, while protesters blocked several major roads, setting a number of vehicles alight...

 

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KZN south coast's water tankers, municipal offices and market set alightWater tankers, municipal offices and a fresh market on the KwaZulu-Natal south coast were set alight and vandalised on Monday morning. Amen If South African media is a positive contributor to the society: it must help to push a narrative to stop & discourage looting from spreading! Majority of people in KZN don’t want this. Already we are hungry and not sure where to get our next meal. Same thugs loot mall-2-make 😂😂😂😂😂
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