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Quentin Smith, from OMAM in the UK, says that this was due to a number of key players warned of challenging conditions, and as concerns over growing levels of bad loans hit the banking sector.
Global mining and natural resource company, Anglo American (+4.15%) rushed into the lead of the surging mining companies as the fragile rand was battered by the other major currencies.
The Efficient Group reports that Africa’s leading sugar producer, Illovo (+4.19%) illustrated some skill by being one of the few stocks that showed significant gains on the bourse.
The Efficient Group says that South African based international forest products company, Sappi (+4.00%) sparked as a brighter outlook for the paper sector is anticipated.
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