Had Finance Minister Pravin Gordhan raised VAT, he would probably have been fired.
Gordhan’s budget was disappointing and even a bit depressing, says Jaco Leuvennink.
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Another strong performance by the rand shows investors are mostly happy with the Budget Speech, but the currency’s strong run has put a cap on share prices on the JSE .
The JSE has slipped as expected, but losses have been modest as the market was bolstered by support from world stock markets which are on an all-time high.
JSE investors have decided to take profits after the previous day’s strong run, as they move to the sidelines to see what Pravin Gordhan's Budget Speech will deliver.
The share prices of both Steinhoff and Shoprite have jumped on news of their failed merger talks, as Naspers boosted the JSE and blue chip shares made a strong run.
South Africa’s newest stock exchange, ZAR X, kick-started trading on Monday with the listing of one the world’s largest white maize providers.
The JSE has followed global markets lower, after investors decided worldwide to take a breather and bank some profits.
While being questioned for allegedly bribing South Korea’s president, Samsung Group’s Jay Y. Lee is locked up at a prison notorious for housing convicted billionaires, a serial killer and the hangman’s noose.
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