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Rand Strengthens On Announcement Of New Cabinet

SOUTH AFRICA
  • President Cyril Ramaphosa unveiled his new cabinet a month after the election, concluding difficult negotiations with parties constituting his government of national unity (GNU). The President opted for continuity in the so-called economic cluster, keeping his close ally Enoch Godongwana as Finance Minister. Some of the most significant changes included the division of the former Minerals and Energy Ministry into the Mineral and Petroleum Resources Ministry and a separate Electricity and Energy Ministry. In addition, the powerful Ministry of Public Enterprises was dismantled in line with the plan for SOEs to answer to their line ministries or the Presidency. Six portfolios have been allocated to former arch-rivals from the Democratic Alliance (DA), whose leader John Steenhuisen has become the Agriculture Minister, after the party accepted the revised offer from Ramaphosa's African National Congress (ANC).
  • The announcement of a new South African cabinet put a bid into South African assets, inspiring a 1.2% appreciation of the rand this morning.
  • The latest reading of Absa Manufacturing PMI will cross the wires at 10:00BST/11:00SAST. Naamsa vehicle sales will also be published today.
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