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.

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