South African bonds were firmer on Tuesday afternoon, as the rand gained marginally against the greenback on indications that controversial ANC secretary-general Ace Magashule may lose his position in the event of a recount. Reports on Tuesday suggested that 68 ballots had not been counted during leadership elections that resulted in a victory for newly elected ANC president Cyril Ramaphosa. The missing votes could potentially be enough to close the 24-vote gap in the race for the position of secretary-general, with Magashule seen as pro-Nkosazana Dlamini-Zuma. Magashule’s rival for the position, Senzo Mchunu, is a Ramaphosa supporter. A carefully worded statement by ratings agency Moody’s also supported sentiment. It said Ramaphosa’s victory opened up the tentative prospect of a shift in policy and a rise in business confidence that could reverse the gradual deterioration in SA’s credit fundamentals. However, Moody’s cautioned that substantial political obstacles to a marked policy...

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