5 quotes on Van Rooyen

Here’s what market commentators had to say after David van Rooyen was appointed SA’s new finance minister.

Johannesburg - President Jacob Zuma’s surprise axing of finance minister Nhlanhla Nene has mostly been met with surprise from market commentators.

Here is a selection of quotes that show the immediate reaction to David van Rooyen’s appointment as the new minister:

1. David Ross, a lawmaker with the main opposition Democratic Alliance, says “I have known him since 2009. I believe he will be all lost at sea in this new post.”

2. George Herman, head of South African investments at Cape Town-based Citadel Investment Services, adds “I know nothing about the new man. I’ve never heard of him or dealt with him before. The markets are not going to like this.”

3. Nomura analyst for Africa Peter Montalto notes: “In our view, [Nene] was removed from the post by President Zuma on disagreements over nuclear affordability and shareholder oversight of SAA. The assumption that the National Treasury is sacrosanct no longer holds, in our view. This is true both in the style and timing of Nene's removal.”

4. Head of research at Nedbank, Mohammed Nalla asks: “Why redeploy a finance minister that was well received and well respected by the investor community?”

5. The ANC notes: “The president has exercised his constitutional prerogative to appoint a new minister, who we believe has what it takes to lead the ministry.”

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