The JSE’s banks were once again the biggest casualties of the rand’s nearly 3% U-turn after President Jacob Zuma ordered Finance Minister Pravin Gordhan to return to SA from an investor roadshow in the UK. The banking index fell 2.5% to 7,731 points, tracking the rand which swung from R12.31/$ to R12.67/$. FirstRand suffered most with a 3.3% drop to R50.74, followed by Barclays Group Africa, which fell 2.9% to R153.93. Standard Bank lost 2.7% to R154.76, Nedbank 2.6% to R255.96, and FirstRand parent RMH 2.5% to R63.51.
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