South African markets tanked Tuesday afternoon, with the Johannesburg Top 40 index trading over 2.7 percent lower on the back of news that the country's annual State of the Nation address had been canceled.
By contrast, the South African rand firmed slightly, trading mid-afternoon up 0.4 percent higher against the U.S. dollar.
South Africa's National Assembly Speaker Baleka Mbete announced the cancelation of Thursday's address at a press conference in Cape Town, according to local press reports. No firm date was given for its rescheduling.
Speculation had been mounting beforehand as to whether or not embattled President Jacob Zuma would give the speech.
Senior members of South Africa's ruling African National Congress (ANC) are expected to meet Wednesday to discuss the president's future.