South African Stocks Fall After Finance

South Africa's FTSE/JSE Africa All Share Index extended declines after Finance Minister Trevor Manuel quit along with nine other Cabinet ministers following President Thabo Mbeki's ouster by the ruling African National Congress.

The index dropped as much as 4.4 percent, its steepest decline since Aug. 1, and was trading 4.2 percent lower at 24,810.71 as of 1:09 p.m. in Johannesburg.

MTN Group Ltd., Africa's largest mobile-phone company, declined 9.4 percent to 107.05 rand, while Standard Bank Group Ltd., the continent's biggest lender, retreated 4 percent to 88.59 rand.

Ten ministers, including Public Enterprises Minister Alec Erwin and three deputy ministers, submitted their resignations, the presidency said in an e-mailed statement today. South African Deputy President Phumzile Mlambo-Ngcuka resigned earlier today.

The leadership of the ANC ordered Mbeki to quit eight days after a High Court judge suggested he pressured prosecutors to pursue corruption charges against Zuma, whom Mbeki fired in 2005.