The rand, which weakened from below R13.30/$ to over R13.40/$ after President Jacob Zuma announced yet another Cabinet reshuffle on Tuesday, was relatively calm at R13.40/$, R15.77/€ and R17.66/£ at 6.30am on Wednesday. The JSE, which fell 0.4% on Tuesday, faces a jittery day as investors brace themselves for the reaction from credit rating agencies and international fund managers to Zuma’s latest Cabinet reshuffle. Although S&P Global Ratings and Moody’s are scheduled to make their next update on SA’s sovereign credit rating only on November 24, Zuma’s previous Cabinet reshuffle on March 31 prompted S&P to make an unscheduled cut to SA’s rating to junk on April 3, followed by Fitch on April 7. Moody’s cut SA’s rating to just one level above junk on June 9. The initial response to Zuma’s 12th Cabinet was summed up by the Save SA campaign: "David Mahlobo has been appointed energy minister to ensure the Russian nuclear deal is put to bed before the president is removed from office. An...
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