Resurgent rand sends JSE down
The currency has rebounded on news of a fresh drive to get Jacob Zuma out of the Union Buildings
Reports of a fresh bid by the ANC’s new leadership to oust President Jacob Zuma sent the rand surging more than 1% to as low as $12.23 per dollar — its strongest since June 2015. This knocked the JSE’s miners and foreign-focused listings, reversing the morning’s gains. The all share index was down 0.8% at 59,201 and the top 40 index was off 0.7% to 52,395 by noon. The Star newspaper reported several ANC national executive committee (NEC) members told it another motion of no confidence was on the cards against Zuma if he did not voluntarily leave the Union Buildings by the time the party’s top brass meet on Wednesday, January 10. This will be the NEC’s first meeting since Cyril Ramaphosa was elected the ANC’s president on December 18. The rampant rand sent the JSE’s gold mining index down 3.7% to 1,289 at noon, with Gold Fields suffering most with a 4.37% drop to R53.01, followed by AngloGold Ashanti’s 4% drop to R126.18. The resumption of the rand’s Ramaphosa rally helped banks reco...
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