Financial markets appear to have factored-in the likelihood of Finance Minister Enoch Godongwana retaining his position. This comes as South Africa awaits an announcement on the new Cabinet under the Government of National Unity .Econometrix Chief Economist Dr Azar
Jammine says the markets are seen to be comfortable with Godongwana, despite some criticisms. But he believes Godongwana is receiving favour for navigating the local economy through some tough economic challenges including the COVID-19 pandemic and lower government revenues. “Seeing you’re trading slightly weaker compared to what we saw yesterday but it was quite a bit of an appreciation that we have seen. So, potentially a little bit of profit-taking by some traders, especially if you’re looking at the option as well. In terms of the financial sector, so that also slightly in the rate today after some of the strong values that we had seen earlier in the week.”
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