The JSE opened slightly weaker on Monday in thin trade as banks and financials retreated on a weaker rand following failed attempts to unseat President Jacob Zuma at the ANC’s national executive committee (NEC) meeting at the weekend. The ANC will hold a press conference on Monday afternoon to elaborate on the decisions taken at the meeting. But it has become clear that Zuma survived the second vote of no confidence in his leadership in six months. The NEC, however, did vote that Brian Molefe should not remain as CEO of Eskom. The rand firmed to R12.6598 to the dollar in early Asian carry trade, but thereafter weakened to R12.92 after it became clear Zuma would remain in his position. Local markets were keenly awaiting the outcome of the ANC’s NEC meeting, with some optimistic views the president would not survive the motion. "But once again that was not the case, and Zuma remained in his seat," analysts at Nedbank Corporate and Investment Banking said. "The focus is now firmly on t...
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