SA banks stage multibillion-rand rally
GNU and more reliable energy supply drive sector 19% higher
24 July 2024 - 05:00
The outcome of the elections, which produced a government of national unity (GNU), and the improved energy supply have been a tonic for SA’s largest banks, which have added about R180bn in value in the past two months.
Since May 30, when the election results were confirmed, the JSE’s banking index has added 18.88%. Leading the gains was Capitec, up 26%, followed by FirstRand 21%, Standard 20%, Nedbank 10% and Absa 8%...
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