The rand breached 16 to the US dollar for the first time, government bond yields rose and bank stocks dived further in reaction to Nhlanhla Nene being dismissed late Wednesday. Nene was replaced by David van Rooyen, a little-known figure from the ruling African National Congress (ANC) party, in a move greeted with dismay by many investors and financial analysts. "Nene was not prepared to be used as Mr Zuma's own petty cashbox," Ian Cruickshanks, chief economist with the South African Institute of Race Relations, told AFP.
