Debt-relief bill hits financial services stocks and retailers

Shares in financial services groups and retailers fell on Friday morning after President Cyril Ramaphosa signed into law a controversial bill aimed at extinguishing the debts of struggling low-income earners.

It emerged on Thursday that the president approved the National Credit Amendment Bill earlier this week, paving the way for debt relief for over-extended consumers who earn a gross monthly income of no more than R7,500 and have unsecured debt amounting to R50,000.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

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SA stocks approach six months low as recession fears riseBoth of the country’s major stock indexes weakened more than 2% following the inversion in the US debt market, a situation where shorter-dated borrowing costs are higher than longer ones.
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