Markets volatile as reappointed finance minister Gordhan addresses the nation - CNBC Africa

Markets volatile as reappointed finance minister Gordhan addresses the nation

Southern Africa

by CNBC Africa 0

Markets volatile as reappointed finance minister Gordhan addresses the nation. Photo: Wikipedia

South Africa’s markets were volatile as reappointed finance minister Pravin Gordhan addressed the media for the first time since his sudden placement on Sunday.

South Africa’s Top-40 index opened 2 per cent higher in early trade on Monday to lose 0.14 per cent lower 40 minutes into the minister’s speech.

Since the speech commenced at 1pm local time, the South African rand weakened over 1 per cent against the dollar, returning gains made earlier in the day.

The former finance minister was appointed by President Jacob Zuma on Sunday, replacing an unfamiliar David Van Rooyen, who was only assigned the position on Wednesday, causing a massive sell off in markets.

The previous finance minister, Nhlanhla Nene held the position for 18-months.

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