South Africa finmin Manuel to stay despite Mbeki ouster

JOHANNESBURG (Reuters) - South Africa's Finance Minister Trevor Manuel will not resign after the ruling African National Congress asked President Thabo Mbeki to step down, his office said on Saturday.

"The minister has not resigned and is not resigning," Manuel's spokeswoman Thoraya Pandy said.

Manuel is widely respected by the market and his resignation in sympathy with Mbeki would have rattled investors. There was speculation that a number of cabinet ministers would follow Mbeki, who has agreed to resign.

(Reporting by Gordon Bell)