South African markets slide after Zuma sacks finance minister

South Africa's rand edged towards a record low and stocks opened weaker on Thursday, a day after President Jacob Zuma removed Finance Minister Nhlanhla Nene and replaced him with a relatively unknown member of parliament.
Stocks opened 0.35 percent lower at 44,669 points on South Africa's blue-chip Top-40 index
By 0714 GMT the rand had weakened 0.37 percent to 15.03 per dollar compared to its close of 14.9750 in New York.
Nene's dismissal sent the rand to a record low of 15.30 on Wednesday as sentiment soured in an economy that is barely growing, squeezed by low commodity prices and the near certainty of an interest rate rise in the U.S. next week.
"The timing of this decision and what it entails is very negative for the rand and credibility of the finance ministry and sound financial institution framework," said Standard Bank trader Oliver Alwar.
"Investor sentiment will struggle given its timing so soon after ratings agencies met last Friday."
Fitch downgraded Africa's most advanced economy to just one notch above sub-investment grade last Friday, citing the slowing economy and rising debt.
South Africa could struggle to fund crucial infrastructure projects and help put the economy on a more robust growth path as its investment grade credit rating is under serious threat.
The rand also touched record lows against the pound and euro, reaching 23.1900 and 16.8104 respectively.
Government bonds, however, held on to their gains, with the yield on the benchmark paper due in 2026 shedding 0.05 basis points to 8.830 percent. a level last seen in February 2014.