Sibanye-Stillwater’s market valuation took a pounding on Tuesday as the share price slumped as much as 9.2% in its biggest one-day fall in five months after Morgan Stanley downgraded the already beaten-down stock, catching the market off guard.

The share price had been showing early signs of recovery after bottoming out at R25.87 nearly a month ago, though it is roughly half what it was in January when it was trading at R51.68. It reached a record high of R75 in March last year...

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