South African banking index falls over 4% after SARB advises against dividends

JOHANNESBURG (Reuters) – South Africa’s banking index opened 4.3% lower on Tuesday, a day after the country’s central bank said it had advised lenders not to pay dividends or bonuses amid the coronavirus outbreak.

The decline in the banking index, which recovered slightly by 0703 to stand 3.7% lower, compared to a 1.36% rise across the Johannesburg Stock Exchange overall.

(Reporting by Emma Rumney; Editing by Catherine Evans)

This article was first published on Reuters Africa https://af.reuters.com/article/investingNews/idAFKBN21P0VK-OZABS and is republished with its permission.

For more coverage on COVID-19 visit: https://www.cnbcafrica.com/covid-19/

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