Oversold bank stocks bashed for ‘South Africa Inc’ exposure
The sector index has tumbled 15% since June after slew of bad news on SA;s economy
06 August 2019 - 16:36
The weight of bad news about the economy has proved too much for bank stocks traded in Johannesburg, pushing a sector index to technically oversold levels for the first time in more than two years.
While the index was 1.2% higher on Tuesday, rising for the first time in six sessions as a stronger rand brought some relief, it has dropped 15% since President Cyril Ramaphosa pledged a relentless focus on growth in his June 20 state of the nation address...
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