On Thursday, companies sensitive to economic conditions, like banks and retailers, saw a significant loss in value, totalling R52 billion, amid fears the ANC might lose its majority by a larger margin than expected. This led to a 4% drop in the banking index on the JSE, with major banks, including FirstRand, Standard Bank, Absa, Nedbank, Investec, and Capitec, experiencing declines ranging from 2.66% to 5.07%.
Initially predicting a turnout well above the 66% seen in 2019, the IEC has adjusted this estimate to the 50s, citing delayed ballots, technical problems, and the use of three ballot papers as reasons not to equate long queues with high turnout. [The Electoral Commission is continuing to tally votes from South Africa’s seventh general election held on Wednesday . The IEC has tallied just over 50% of voting districts, largely from rural areas.
Source: News Formal (newsformal.com)
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