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Blue-chip lenders the latest victims of the country's fiscal woes | IOL Business Report

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SA's blue-chip lenders have become the latest victims of the country's economic and fiscal woes with the key banks index down nearly 18% in the past three months, wiping off billions of rand in the shares in the process. busrep

Capitec’s share price has plummeted more than 17 percent. File Photo: IOLStandard Bank has lost 16.71 percent. File Photo: IOLFirstRand, which owns FNB, has fallen nearly 19 percent. File Photo: IOLNedbank has plunged nearly 20 percent. File Photo: IOLAbsa has eased more than 13 percent. File Photo: IOLRand Merchant Bank declined more than 20 percent.

The government plans to make an extra R59 billion available to the embattled Eskom over the next two years to meet its obligation and maintain its going concern status. “Most of the pressure experienced over the past two weeks has, however, risen from increased concerns regarding South Africa’s fiscal position, exemplified by speculation over an eventual IMF bailout and a possible downgrade by Moody’s,” Von Reiche said.

Eskom’s operational challenges were also the main contributor to the shock 3.2 percent first quarter decline in gross domestic product, a development that Moody’s said is credit negative for South Africa’s government and the country's banks.

 

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