The JSE opened weaker on Wednesday, following mixed Asian markets, as more instability on the local political scene appeared likely following President Jacob Zuma’s appointment of a judicial commission of inquiry into state capture.
Gold and property shares led the losses, while banks gained on a possible interest rate cut.
Zuma made his announcement before the first meeting of the newly elected ANC national executive committee (NEC) on Wednesday.
Zuma has no official position in the ANC now, with new leader Cyril Ramaphosa set to announce the party’s traditional January 8 policy statement on Saturday.
Zuma’s future as president amid a reality of "two centres of power" could be discussed at the NEC meeting.
Chief Justice Mogoeng Mogoeng selected Deputy Chief Justice Raymond Zondo to head the commission.
The Dow closed 0.41% up at 25,385.80 points on Tuesday. The Nikkei 225 was down 0.26% but the Hang Seng added 0.5%.
At 9.30am the all share was 0.12% lower at 60,044.30 points and the blue-chip top 40 dropped 0.09%. The gold index shed 1.33%, property 0.54%, resources 0.33% and industrials 0.02%. The platinum index rose 0.68%, banks 0.33% and general retailers 0.31%.
British American Tobacco was 0.15% lower at R831.82. It announced earlier that recent corporate tax cuts in the US could lift its earnings per share by 6% in 2018.
Sibanye Gold shed 3.22% in the gold sector.
FirstRand rose 0.39% to R63.64.
Steinhoff rose 5% to R7.60 in continued volatile trade. Brait was 2.15% off at R40.12.
Nepi Rockcastle lost 0.37% to R202.25.
Aspen Pharmacare remained under pressure, falling 2.03% to R245.06. It earlier refuted market speculation that Viceroy Research was conducting a review into the group, similar to its Steinhoff report.
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