"Manuel has always made it clear that he is available to assist in whatever capacity the new administration requires him to," said Thoraya Pandy.
"As an Mbeki appointee he is duty bound to step down out of respect for him." Pandy added.
Manuel has handled the finance portfolio since the birth of the country's democratic government in 1994 and is widely respected for applying the micro-economic policies responsible credited for South Africa's growth.
Before the announcement, the rand was trading at 7.98 to the US dollar. After the revelation that Manuel was going, it slipped to 8.16, according to SA Stock Exchange data.
"Manuel's resignation came as a shock to the markets. It is not just his resignation, but the whole lot of others who went with him," said Kevin Lings, an economist with Stanlib Asset Management.
"The fact that he has made himself available does not guarantee that he will be re-appointed.
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