In their own words:

l Fitch director Veronica Kalema - We expected Trevor Manuel to leave, flags have been in a lot of reports that Manuel would leave and that the tax authority head would replace him.

l Fitch director Veronica Kalema - We expected Trevor Manuel to leave, flags have been in a lot of reports that Manuel would leave and that the tax authority head would replace him.

We think policy will remain pragmatic, it (cabinet changes) is more in line with what we expected.

l The South African Chamber of Commerce and Industry - From a local business as well as investor confidence point of view, key to the establishment of the new administration was continuity of economic policy.

l Chamber of Mines - Of particular interest to the mining industry is the positive focus placed on education, which, in the event that it is properly implemented, will ultimately address the serious skills shortage that is currently inhibiting the optimal performance of the mining industry and other important industrial and commercial sectors.

And the voice from the markets in the form of:

l Absa Capital - Even at this early stage, it looks like the ANC's promise of improved service delivery has been taken to heart in the creation of President Zuma's first cabinet. At the margin, we expect a neutral to slightly favourable response from the markets.

l John Cairns currency head at RMB - The cabinet line-up is as expected but, nevertheless, will help sentiment. Pravin Gordhan, who moves to the finance ministry is well respected and well known, and Manuel goes to the new planning ministry. - Staff Reporter, I-Net Bridge

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