Rand, JSE bleed as investors fret over coalition mix
Investors in South Africa had positioned for an election outcome where the ruling African National Congress could comfortably govern in coalition with a smaller party. But projections hinting at a significant erosion in ANC support have rattled those expectations and unleashed a flood of uncertainty.
The ANC is on course to win about 42% of the votes cast on Wednesday, according to projections from the Council for Scientific and Industrial Research, based on an extrapolation of early tallies released by the South African electoral commission. That compares to 57.5% in 2019. South Africa’s main stock index fell as much as 2.3%, the most since November. That means the country’s stocks have nearly wiped out year-to-date gains, compared with a 3.4% advance in 2024 for MSCI’s emerging-market benchmark.
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