The JSE was flat at the opening on Friday as banks, financials and general retailers gained on a firmer rand despite a lukewarm reception to Finance Minister Malusi Gigaba’s 14-point plan to save the economy. Nomura analyst Peter Attard Montalto described the plan, that was unveiled on Thursday, as a "stabilisation plan and not a growth plan". He said it did not seem to offer anything new. "Overall, this plan does not lead us to change our growth outlook (0.2% for this year), fiscal metrics (we believe the plan will not affect the expenditure ceiling), or our ratings outlook endpoints," he said. Some analysts, however, saw some positive points in the plan. "Although there were no new proposals, the fact that firm timelines for the implementation of previous decisions have been indicated and the development of a framework for greater private-sector participation in projects run by the government and state-owned enterprises (SOEs) were welcome," said Prof Raymond Parsons, economist an...
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