Jittery market awaits ANC election results
The rand slipped to R13.08/$ on Monday morning after managing to strengthen to under R13/$ on Sunday night, a small stumble in the "Ramaphosa rally" following the delay of the start of voting for a new party president at the ANC’s conference.
The rand managed to strengthen more than 4% from R13.53/$ on Friday to R12.97/$ on Sunday on the hope that Cyril Ramaphosa will win the ANC’s presidential election, positioning him to become SA’s next president.
Voting at the party’s conference was delayed until midnight as factions haggled over who was eligible, and the rand slipping back over R13/$ indicates the market is less confident Ramaphosa will beat Nkosazana Dlamini-Zuma on Monday morning than it was on Sunday night.
The winner of the election is expected to be announced on Monday.
The rand was as at R15.38/€ and R17.44/£ at 7am.
Asian stock exchanges trading ahead of the JSE’s opening on Monday morning were buoyed by the growing likelihood the US Republican party will get its proposed corporate tax cuts through the legislature this week.
Tokyo’s Nikkei 225 index rallied 1.47%, Sydney’s S&P/ASX 200 index added 0.6% and Hong Kong’s Hang Seng index was up 0.5%.