The JSE opened weaker on Wednesday as the local market remained unsettled after President Jacob Zuma’s sudden Cabinet reshuffle on Tuesday.Chinese markets showed little reaction to President Xi Jinping’s speech at the opening of the Communist Party Congress. The speech was used to set out his agenda for the next five years and focused on topics such as financial market reform, infrastructure plans and deleveraging, Nedbank Corporate and Investment Banking (CIB) analysts said.The Shanghai Composite index was up 0.29% and the Hang Seng flat (-0.05%).The Dow closed 0.18% up at 22,997.44 points on Tuesday after crossing 23,000 briefly for the first time in intraday trade.The focus has shifted to Finance Minister Malusi Gigaba’s medium-term budget policy statement, which he will present next week in an environment of low growth and strained revenue collections. Gigaba is also facing fresh challenges amid reports that his bail-out of South African Airways (SAA) may have been illegal.Next ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.