Business Day reports that the Johannesburg Stock Exchange (JSE) will investigate stocks that moved significantly during the hours before and after Pravin Gordhan was recalled by President Jacob Zuma from London investor roadshow last month.
Intellidex chairman, Stuart Theobald, says there was some suspicious trading behavior suggesting that some people knew Gordhan was going to be called to come back, and rand would be affected.
When you look at trade volumes, you can see that on Thursday before that announcement happened on Monday there was a substantial increase in volumes happening.— Stuart Theobald, Intellidex chairman
Then on the Monday morning at about 8am when the market opened, there was also some very large trade taking place. Then news hit the market between 10:20 and 11 that Monday, and of course the rand moved sharply so there was a big opportunity for whoever had placed those positions in advance.— Stuart Theobald, Intellidex chairman
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