MARKET WRAP: Banks and retailers slump as unrest continues

Banks and retailers tumbled on the JSE and the rand extended losses as ongoing riots in some parts of the country hurt sentiment, with a number of businesses suffering serious damage and others destroyed.

The unrest, which began sporadically in KwaZulu-Natal late last week after the jailing of former president Jacob Zuma, spread to the country’s economic hub Gauteng and continued on Monday and Tuesday. Widespread looting and vandalism was seen across both provinces, while protesters blocked several major roads, setting a number of vehicles alight…