Rand weakens, bond yields rise as CSIR projects 42% for the ANC
The ANC is on course to win 42% of the votes cast in Wednesday’s national election, according to projections from the Council for Scientific and Industrial Research.
South Africa’s ruling party looks set to fall well short of obtaining a parliamentary majority for the first time since it came to power at the end of apartheid three decades ago, a model developed by a state research agency shows. The rand weakened to 18.73 to the dollar by 10:20. Stocks also tumbled, with the FTSE/JSE Africa All Share Index falling as much as 1.9%. The yield on local-currency bonds maturing in 2035 rose 17 basis points to 12.2%, a five-week high.
Support for the ANC has dwindled amid widespread disgruntlement over a moribund economy, a 33% unemployment rate, one of the world’s highest crime rates and the collapse of government services in many areas.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rand Report: South African rand remains resilient despite resistance ahead of election resultsThe rand demonstrated notable resilience, but ongoing challenges and political uncertainties continue to pose risks.
Read more »
Weekly Rand Report: Rand weakens after month-long surgeAs the elections approach, the rand might struggle to make further gains as the market assesses what the election results mean for national coalition politics.
Read more »
Weekly Rand Report: Rand gains strength in continuity with current trendsThe South African rand gained strength recently due to a weaker US market and conservative policies of the South African Reserve Bank.
Read more »
Woo those out in the coldANC veteran Mavuso Msimang disappointed with party, briefly resigns, highlighting ANC's corruption, sparking electoral disillusionment.
Read more »
Eskom burned enough diesel to fill nearly 42 million Toyota Hilux bakkies in five yearsPublic enterprises minister Pravin Gordhan revealed that Eskom spent nearly R65 billion on diesel to run its open-cycle gas turbines over the past five years.
Read more »
PICS: Border police detain 42 illegal immigrants and seize illicit cigarettesPolice operations in South Africa lead to the arrest of 43 immigrants and seizures of illegal goods like cigarettes and stolen vehicles.
Read more »