Muted opening on JSE after rand shows little reaction to Ramaphosa’s reshuffle
The JSE opened firmer on Tuesday, following President Cyril Ramaphosa’s Cabinet reshuffle, which was generally well received, bar criticism on the retention of some ministers from the Zuma era. On Monday night Ramaphosa made 22 changes to the Cabinet in his first reshuffle. Former Mpumalanga premier David Mabuza was appointed deputy president, Nkosazana Dlamini-Zuma as a minister in the Presidency and Bathabile Dlamini was also appointed as a minister in the Presidency, responsible for women. The rand was little changed, trading at R11.5772 to the dollar after earlier firming to R11.5135, the same level it reached on Monday in anticipation of the reshuffle. Nedbank Corporate and Investment Banking (CIB) analysts said the reshuffle was the main local talking point on Tuesday morning. Positive appointments include that of Nhlanhla Nene as finance minister and Pravin Gordhan at public enterprises. "Ramaphosa got rid of many Zuma-ites, but several remain in a still extremely bloated Cab...
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