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South African Stocks Drop as Protests Weigh on Banks, Retailers

A barricade burns outside a shopping center in Durban, South Africa on July 12

A barricade burns outside a shopping center in Durban, South Africa on July 12

Photographer: Andre Swart/AP Photo

Updated on

South African stocks erased gains as deadly protests and looting that erupted following former President Jacob Zuma’s jailing showed no signs of letting up, even as the army was deployed to help the police keep it in check.

The FTSE/JSE Africa All Share Index was 0.4% lower by 4:02 p.m. in Johannesburg, as the rand weakened for a second day against the dollar to be the worst-performing emerging-market currency. Locally focused stocks like banks and retailers tracked the rand lower, countering gains from heavyweights Naspers Ltd. and Richemont.