Seems like investors are spooked because of the looming election...

Seems like investors are spooked because of the looming election on 29 May.
https://www.reuters.com/world/africa/what-are-key-issues-investors-south-africas-2024-election-2024-05-16/

Recent polls:

"JOHANNESBURG, May 20 (Reuters) - ....
The poll, updated on weekdays by local think tank the Social Research Foundation (SRF), put support for the ANC at 44.8% on Friday, the latest day for which data is available, up from 37.7% exactly one month earlier under a scenario modelled for the 66% turnout seen at the last national election in 2019.Opinion polls released in April by Ipsos and March by The Brenthurst Foundation and the SABI Strategy Group found backing for the ANC was several percentage points lower, at 40.2% and 39% respectively.If the ANC is forced to turn to larger opposition parties like the Democratic Alliance or Economic Freedom Fighters, who won 20.8% and 10.8% in the 2019 election, they are likely to have to cede more ground in negotiations to form a coalition government."