Walters finished tied fourth at the South African Open last weekend and looked assured again on the Royal Johannesburg and Kensington Golf Club’s east course in a seven-under round that included an eagle, six birdies and a single dropped shot.
He leads a group of six players one stroke back -- Englishmen Anthony Wall and David Howell, the Swedish pair of Michael Jonzon and Johan Carlsson, Zimbabwean Mark Williams and home player Haydn Porteous.
Two-time European Tour winner Jonzon does not yet have his card for this season and was the last of the 210-player field to gain entry to the tournament.
Home favourite Ernie Els carded a one-under par 71, while newly-crowned SA Open champion Brandon Stone was a shot better off.
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There is extra incentive for players at the Joburg Open this week -- the top three will gain entry into the 145th British Open at Royal Troon in July.
(Reporting by Nick Said; editing by Justin Palmer)
