A global slump in stocks dragged South Africa’s benchmark equity index lower for a seventh day on Wednesday, the longest losing streak for the market since October 2018. The South African benchmark index’s slump has wiped about R1 trillion off the value of stocks during its seven-day slide. The gauge has also erased the last remaining gains it had posted for this year.
Locally, traders have had to digest a steady stream of updates from companies like MTN Group setting out the blow to their operations and earnings from South Africa’s crippling power crisis. Read: SVB collapse: What it means for the banking sector The main South African index was 3.1% lower by 2:51 p.m. in Johannesburg. Read all our Eskom coverage here.
We are on a free fall, nosedive, gliding, bungee jumping, sky diving_ and I will enjoy it to the fullest 🤦🏽♂️🙆🏽♂️🤷🏽♂️
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