Question marks hang over the already corruption-riddled ANC, which now includes Ramaphosa’s questionable activities, says Treurnicht.
“What this move signalled was that there are no favourable alternatives from a political perspective. The alternatives are all very weak and then we’re going to sit in a position where even worse options like the EFF [Economic Freedom Fighters] will be stepping it up with the election coming.” Since the release of the Phala Phala report, Capitec is down 5%, Absa 4%, Standard Bank 2%, Nedbank 3%, FirstRand 3%, and Investec 1%.The recovery points to the fact that the moves of the past week were purely “sentimental” risk-off events, says Treurnicht, adding that the fundamental concerns remain.
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