The JSE’s banks had R86bn of their market capitalisation wiped out on Friday morning as the market reacted to President Jacob Zuma’s firing of finance minister Pravin Gordhan and his deputy, Mcebisi Jonas. Worst hit was FirstRand, whose share price crashed 12% to R43.25 from Thursday’s close of R49.12, equating to a R33bn drop in its market cap. The next biggest casualty was Standard Bank, with a 9.2% drop to R139.50 from R153.70, knocking its market cap by R23bn.
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