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The rand, which strengthened to R12.05 to the dollar at the weekend — following Friday night’s vote by the ANC’s national executive committee (NEC) to ask President Jacob Zuma to step down before the 2019 national election, and Saturday’s appointment of a new Eskom board — was trading at R12.11/$ at 7am on Monday morning.
The rand was at R14.79 to the euro and R16.79 to the pound. Although the NEC did not set a deadline for Zuma’s removal, he appears to be in an untenable position following the suspension of the KwaZulu-Natal and Free State provincial executive committees.
“I would say Zuma will be gone in anything between 10 and 30 days maximum,” University of Witwatersrand School of Governance professor Susan Booysen told Bloomberg.
Statistics SA is scheduled to release November’s tourist accommodation figures at 10am on Monday, November’s land transport survey at 11.30am, November’s food and beverage sales figures at 1pm, and December’s liquidations and insolvencies statistics at 2.30pm.
Asian markets seemed rattled on Monday morning as the impasse in the US Senate over approving a budget entered its third day. Tokyo’s Nikkei 225 index was down 0.33% and Sydney’s S&P/ASX 200 index was down 0.2%, making a negative opening for the JSE look likely. – BusinessLive
Bongani Ndlovu