NPA’s Gordhan remarks lift banks, rand
National Prosecuting Authority says it may soften stance on fraud charges against Pravin Gordhan
BANKING stocks staged a turnaround on Wednesday, following remarks by the National Prosecuting Authority (NPA) that it may soften its stance on the fraud charges against Finance Minister Pravin Gordhan. National Director of Public Prosecutions Shaun Abrahams was quoted by Reuters as saying Gordhan could ask for a review of a decision to charge him with fraud. Gordhan was charged by the NPA on Tuesday and he has to appear in the Pretoria Regional Court on November 2. Abrahams’ comments also sparked a recovery in the rand, as the local currency firmed to R14.2365/$ after the JSE’s close from R14.3653/$. It weakened to an intraday weakest level of R14.4963/$. After trading nearly 1% lower in the day, the banking index closed 0.44% higher at 6,958.90, after Tuesday’s 3.58% slide. The all share closed 0.68% lower at 51,548.10.
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