“Equities, bonds, rands… It’s awful,” Abri du Plessis, a portfolio manager at Gryphon Asset Management Ltd., told Bloomberg. “I’m struggling to see any light. There is now a distinct possibility that there will be a downgrade by year-end and we won’t see the end of it for South Africa’s markets.”
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Further dragging on South Africa’s markets, the rand currency depreciated 3.3% against the U.S. dollar on Tuesday. The rand h as declined 18.4% against the greenback to ZAR15.3622.
Additionally, the yields on benchmark 2026 government bonds rose 20 basis points to 9.2%, their highest level since December.
For more information on the South African markets, visit our South Africa category.