The rand and the JSE are responding well to another term of ANC governance.
, which would give President Cyril Ramaphosa enough of a mandate to defy those still loyal to former president Jacob Zuma.With 86.58 percent of the vote counted by 1.15pm on Friday, the ANC is on 57.19 percent, the DA on 21.34 percent and the EFF on 10.22 percent.The rand is holding firm on the expectation of a neutral-to-positive election outcome, said Rand Merchant Bank analyst Mpho Tsebe, although it was also being lifted by the weaker dollar.
“At this stage, the results are more or less in line with the consensus forecasts of the top three, but the provincial split will be more telling.” At 9.30am on Friday the local currency was 0.67 percent firmer at R14.2496/$, 0.53 percent stronger against the euro at R15.9985/€ and 0.64 percent firmer against the pound at R18.5389/£. The euro gained 0.14 percent to $1.1228.
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