The big worry in financial markets was about who would take over from Ramaphosa if he resigned, and whether his successor would ensure continuity in his economic policies, maintain the structural reform agenda and exercise prudence in public finances.
Underscoring this is that within hours of the Phala Phala report’s release, food manufacturer Premier Group cancelled its JSE listing, which had been set for 8 December, citing uncertainty and volatile markets.understands that Premier would have been worth more than R5-billion on the JSE and that the company had received support for its listing from institutional investors. But the market rout inspired by Phala Phala made some investors nervous, prompting them to pull out.
For example, Gryphon Asset Management, based in Cape Town, has been negative towards SA-based investments for the past three years.
Who will want to invest in a country were the President violates his oath of office….
As soon as he wins and he purges his opposition in the ANC and eliminates state capture and looting, money will come flying in. Watch the space and watch how he hacks the rivals in ANC
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Phala Phala: A ‘defining moment’ for South African businessThe threat of Cyril Ramaphosa’s resignation could shave a percentage point of South Africa’s parlous GDP growth. But while some CEOs have slammed the PhalaPhala report by Sandile Ngcobo’s panel, Neal Froneman says the president should have quit. Haha...that's because his revenue is in USD and costs in ZAR.....can't blame him
Source: FinancialMail - 🏆 20. / 63 Read more »