The JSE closed firmer on Tuesday, reversing a four-day losing streak, as the weaker rand boosted resources and platinum stocks. Banks and financials recovered from Monday’s retreat following President Jacob Zuma’s ordering Finance Minister Pravin Gordhan to return home from an international investor roadshow. This has led to speculation that Gordhan was set to be replaced. Concern about Gordhan’s position abated somewhat on Tuesday after he said he "is still the finance minister", following a visit to Luthuli House. Gordhan went to the High Court in Pretoria, where his application for a declaratory order preventing him from intervening in the saga between SA’s banks and Gupta-linked companies, was being heard. "However, the situation remained fluid and potentially explosive," Rand Merchant Bank (RMB) analyst John Cairns said. The rand reached an intraday worst level of R13.1111/$ before recovering to levels of R12.90/$ at the JSE’s close. The sharp retraction in the rand boosted min...
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