JSE closes firmer as markets digest Ramaphosa reshuffle
Xinhua,February 28, 2018 Adjust font size:
JOHANNESBURG, Feb. 27 (Xinhua) -- The Johannesburg Stock Exchange (JSE) closed on a positive note on Tuesday, while markets largely welcomed Monday night Cabinet appointments by South Africa's new president, Cyril Ramaphosa.
The stunning comeback of Nhlanhla Nene as finance minister was one of the major significance of the Cabinet reshuffle.
Nene was fired in 2015 by former president Jacob Zuma as finance minister and his axing led the local currency and local bonds losing a substantial value.
Some market experts welcomed Nene's return as minister of finance and Gordhan at public enterprises, but the retention of some ministers from the Zuma term was met with heavy criticism.
The JSE all Share index managed to end the day 0.27 percent firmer to 59,027.22 points whilst the blue-chip top 40 index gained 0.33 percent.
Financial stocks closed firmer, but they subsequently came under pressure as the rand traded softer.
At 5:00 pm, the rand was at R11.72 to the dollar from R11.55, at R14.34 to the euro from R14.23 and at R16.27 to the pound from R16.14. Enditem