Manuel news sends JSE downhill
2008-09-23 13:35
Johannesburg - South African stocks extended losses in afternoon deals on Tuesday on news that Finance Minister Trevor Manuel has resigned along with 10 other Cabinet ministers and three deputy
ministers.
At 13:06, shortly after the announcement, the all share index was down 4.36% at 24 763.240.
"The major thing is the news of Manuel's resignation. We dropped 800 points on the back of that," a trader at Cortex Securities said.
"He's a respected official both in the local and international investment communities. His resignation casts serious doubts about whether there will be policy changes and who his successor will be," the trader said.
The other resignations were of the Ministers of: Defence, Mosiuoa Lekota; Minister in the Presidency Essop Pahad; Intelligence, Ronnie Kasrils; Correctional Services Ngconde Balfour; Public Enterprises, Alec Erwin; Science and Technology, Mosibudi Mangena; Public Works, Thoko Didiza; Provincial and Local Government, Sydney Mufamadi; and Public Service and Administration Geraldine Fraser-Moleketi.
The deputy ministers who resigned are: Foreign Affairs, Aziz Pahad; Finance, Jabu Moleketi and Correctional Services, Loretta Jacobus.
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