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South African bank stocks and bonds fell sharply, with the rand heading for its biggest weekly slide since 2015, after President Zuma fired Finance Minister Pravin Gordhan. The 10-year bond yield jumped 35 basis points to 8.86% and a bond auction failed to raise the full amount.
Political turmoil threatens South Africa's investment-grade rating, weakening the rand and raising local borrowing costs, which can squeeze import-dependent feed and oilseed buyers through currency-driven input costs.
moneyweb.co.zaRobert Brand, BloombergMar 31, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
