The JSE closed weaker on Monday, but was off intraday lows as the plummeting rand supported rand hedges and industrials while banking and property stocks shed value reminiscent of Nenegate in late 2015. After hitting a fresh 20-month best level of R12.3115 against the dollar in opening trade, the rand plunged more than 4% or 52c in late trade after confirmation that President Jacob Zuma had recalled Finance Minister Pravin Gordhan from an overseas investor trip to the UK and US, fuelling speculation that a cabinet reshuffle was imminent. In December 2015, SA’s top financial and banking shares lost close to R300bn in the two days following Zuma’s sacking of then Finance Minister Nhlanhla Nene. The all share pared early morning losses on weaker US and Asian markets, with platinum and gold stocks jumping. Banking, financial and property stocks were sharply off. Resources came back towards the end. The firmer rand resulted in miners and industrials retreating in the morning. The sharp p...
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