JSE closes weaker despite Constitutional Court ruling as share buying dries up
The JSE closed weaker on Thursday as relentless selling hit the market for the second day this week, despite the Constitutional Court ruling improving the prospects for the removal of President Jacob Zuma from his position. The Court ruled that the speaker of Parliament has the powers to decide on whether a vote of no confidence should be by secret ballot or not. "The exercise of this power must be duly guided by the need to enable effective accountability, what is in the best interests of the people, and obedience to the Constitution," Chief Justice Mogoeng Mogoeng said. In reply to questions in Parliament earlier, Zuma indicated it was important for Parliament to vote "as it always had". This could open the door for an open vote, as speaker Baleka Mbete is a high-ranking ANC official. However, further legal steps from opposition parties could be in the offing if Mbete does not properly motivate her decision. "The weaker JSE on the day was not related to any event, but was a contin...
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