Banks shed billions in value as early results suggest ‘worst case scenario’

SA’s largest banks took a beating in early morning trade on Thursday as early voting results suggested the governing ANC might fare worse than expected, opening the door for a possible and unstable coalition.

The country’s most valuable banking group, FirstRand, was down 2.95%, while Africa’s largest bank by assets, Standard Bank, shed 3.48% of its value in early trade…

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