The JSE opened firmer on Tuesday as the weaker rand supported mining stocks, with banks and financials trading lower on the uncertainty surrounding the position of Finance Minister Pravin Gordhan. Platinum and gold stocks jumped, despite flat commodity prices. On Monday, President Jacob Zuma ordered Gordhan to return home from an investor roadshow to the UK and US. According to reports on Tuesday morning, Zuma had informed South African Communist Party officials that he intended to replace Gordhan. But no further details have emerged. The rand weakened to R13.1111/$ in early morning trade from R12.7616, but regained ground to R12.9752 after the JSE opened. The Banking Association of SA said it was deeply concerned about the president’s recalling of Gordhan. "These roadshows are meticulously planned and form an integral part of the post-budget calendar," it said. The association said roadshows such as this one provided an important opportunity for SA to update investors about recent ...
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