The JSE wobbled on Tuesday, coinciding with President Jacob Zuma’s surprise decision to reshuffle his Cabinet, for the second time in 2017, and the 11th time during his presidency. The Cabinet changes increased perceptions of political risk, which played out in a weaker rand and local bonds. But the market reaction was relatively contained, compared to the previous episode in March when Zuma fired Pravin Gordhan as finance minister, along with his then-deputy, Mcebisi Jonas. Devin Shutte, head of investments at The Robert Group, said that while investors remained wary about the continuing political shocks, the market’s focus was on the outcome of the ANC’s elective conference in December. The ruling party will elect a successor to Zuma, whose term as party leader comes to an end. The ANC’s deputy president Cyril Ramaphosa and ANC MP Nkosazana-Dlamini Zuma are tipped as front-runners for the top job. The all share was down 0.42% to 57,919.70 points at lunchtime, but the mild pullback...
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