JSE slumps on news that Nhlanhla Nene wants to quit
Markets and the rand are expected to remain on the back foot ahead of the Moody's review and medium-term budget policy statement
The JSE all share opened weaker on Monday in thin trade as Finance Minister Nhlanhla Nene asked President Cyril Ramaphosa to relieve him of his duties. This followed public pressure over his testimony at the commission of inquiry into state capture at which he admitted to meetings with the Gupta family without informing the president. The rand weakened to just below R15 to the dollar on the news, and was at R14.9225 soon after the JSE's opening. Moody's will announce its latest credit rating review this Friday while the medium-term budget policy statement will be presented on October 24. Volumes on the JSE were lower on a public holiday in the US. The Dow closed 0.68% lower on Friday amid disappointing nonfarm payroll numbers, which raised concern that the US Federal Reserve would go ahead with further rate hikes in a weaker economy. Asian markets were lower on Monday, despite the Chinese central bank cutting its reserve ratio requirement by 1% to spur liquidity after a week-long ...
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