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South African Stocks Take a Hammering in Worst Week Since 2020

  • China demand, inflation worries drag down Richemont, miners
  • Rand’s decline prompts slump in Johannesburg bank stocks

South African stocks have felt investors’ aversion to risk more sharply than their emerging-market peers, sliding toward the worst weekly slump since October 2020.

Johannesburg’s benchmark FTSE/JSE Africa All Share Index was down 2.6% as of 1:32 p.m. local time, deepening this week’s selloff beyond 6%. That’s a steeper retreat than MSCI’s index of developing country stocks, which is down about 4%.