SA banking index soars 15% following Gordhan’s appointment

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JOHANNESBURG, Dec 14 (Reuters) – Shares in South Africa’s banking index soared 15 percent on Monday after President Jacob Zuma appointed Pravin Gordhan as the new minister late on Sunday.

Pravin Gordhan (C) smiles as he walks past South Africa's President Jacob Zuma (L) at the presidential guest house in Pretoria in this May 11, 2009 file photo. Zuma has appointed Gordhan finance minister, a statement said on December 13, 2015, handing South Africa its third finance chief in a week and giving way to a wave of criticism of his last choice and selling frenzy in the markets. REUTERS/Siphiwe Sibeko/Files
Pravin Gordhan (C) smiles as he walks past South Africa’s President Jacob Zuma (L) at the presidential guest house in Pretoria in this May 11, 2009 file photo. Zuma has appointed Gordhan finance minister, a statement said on December 13, 2015, handing South Africa its third finance chief in a week and giving way to a wave of criticism of his last choice and selling frenzy in the markets. REUTERS/Siphiwe Sibeko/Files

The index had lost as much as 19 percent since Thursday after Zuma fired respected finance minister Nhlanhla Nene. Zuma then named Gordhan as the new finance minister in a dramatic U-turn that gave Africa’s most advanced economy its third finance minister in less than a week.

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