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 when Nhlanhla Nene was fired in December 2015. SA’s top financial and banking shares lost close to R300bn in the two days following President Jacob Zuma’s sacking of the finance minister. Gordhan was then re-appointed finance minister. 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 toward the end. The firmer rand resulted in miners and industrials retreating in the morning. The sharp plunge in the rand of more than 50c against the dollar on the day, supported platinum and gold shares. The Treasury confirmed just before midday trade that Zuma had recalled Gordhan from an investor trip to the UK and US. Gordhan led a government, business and labour delegation on a post...
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