The JSE says it is examining trading in securities that were affected by news of the recall of former finance minister Pravin Gordhan from an international investor road show. "The news precipitated material moves in the value of numerous listed securities including currency futures. Once the JSE has finalised its review, it will forward its findings to the Financial Services Board," said director of market regulation Shaun Davies. On March 27, President Jacob Zuma abruptly recalled Gordhan from meetings in London with investors and ratings agencies, sending banks, government bonds and the rand weaker. The JSE reviewed trading in listed securities ahead of any market-moving event to identify activity that might warrant further investigation by the Financial Services Board’s market abuse department, Davies said. He would not be drawn on which securities were being investigated, but it is likely that banking stocks will be among them. Banks were hit hard by news of the recall, which c...
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