Markets have welcomed the country’s new National Executive, announced by President Cyril Ramaphosa last night.
The rand strengthened to R18 to the US Dollar when the JSE opened at 9 o’clock this morning after closing at R18.45 to the US Dollar on Friday last week. The JSE index traded higher, around 80,315 today after the cabinet announcement which also confirmed that Enoch Godongwana would remain as Finance Minister.
Makwe Masilela of Makwe Fund Managers says the new cabinet, which comprises of ministers and deputy ministers from different political parties, has brought market stability after“I think the markets will be looking the guys implementing what they are supposed to be implementing. That is to make sure that they accelerate the economic reforms.
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