Asian foreign exchange traders appeared torn between applauding and jeering the Cabinet appointments President Cyril Ramaphosa announced at 10pm on Monday. The initial reaction to the widely expected return of Nhlanhla Nene as finance minister and appointment of Pravin Gordhan as public enterprises minister saw the rand strengthen to R11.51 to the dollar. But as the market pondered the many compromises in Ramaphosa’s Cabinet — such as reshuffling Malusi Gigaba, Bathabile Dlamini and Nomvula Mokonyane instead of firing them, and appointing David Mabuza as deputy president and Bheki Cele as police minister — the rand weakened to R11.65/$. The appointments were leaked to EFF leader Julius Malema who disseminated them via Twitter while the nation waited for Ramaphosa’s televised address, which was originally scheduled for 8.30pm but was then repeatedly delayed by last-minute wrangling within the ANC leadership. "Cyril looks like a defeated man," Malema tweeted after Ramaphosa concluded ...
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