SOUTH AFRICA'S STOCKS TUMBLE
South African stocks booked their biggest one-day fall in almost 13 months as panicked investors dumped everything from banks to resource firms on concern about the fall-out from Greece's debt crisis.
Reuters reported that government bonds succumbed to global fears over sovereign debt but the rand bucked the trend, rebounding from a late Thursday plunge that sent it to a six-month low against the dollar, a move that had been seen as overdone.
Only one of Johannesburg's 40 blue-chip stocks managed to finish the session in positive territory. Financial firms such as Old Mutual Plc and Standard Bank were among the hardest hit as investors worried that Greek debt problems could spark another credit meltdown in Europe.