Bonds firmer as rand gains slightly on Moody’s view and possible ANC recount
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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