South African bonds were mixed in on Thursday afternoon after the Constitutional Court ruled that the use of a secret ballot in Parliament was allowed, though not compulsory. Opposition parties, led by the UDM, approached the country’s highest court asking for permission to use a secret ballot in a no-confidence motion against President Jacob Zuma. The court bid followed Zuma’s controversial decision in March to sack Pravin Gordhan as finance minister in a Cabinet reshuffle that sullied the country’s investment-grade status. Local bonds and the rand were caught up in the fallout, which analysts have warned is yet to be fully reflected in the local economy, which slipped into a technical recession in the first quarter. The Constitutional Court has, however, left it to Parliament’s speaker, Baleka Mbete, to have the final say on the secret vote, which opposition parties hope will persuade disgruntled ANC MPs to vote against the president. Kaon Capital’s CEO Luke Alers said yield-seeki...
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