Shares in financial services group Discovery closed near five-year lows on Monday, as the market continued to price in the effects of government reforms that some critics say could destroy private health care in SA.

Discovery’s share price closed at R105.72, down 8.44%, the second day of big losses for the share since the long-awaited National Health Insurance (NHI) Bill was unveiled by government on Thursday. The bill is the first piece of enabling legislation for the government’s plans to implement universal health coverage, which promises to provide services to everyone free at the point of care. It has also thrown into doubt the future of private medical aid schemes.

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