The rand weakened on Tuesday morning, resembling a classic "buy the rumour, sell the news" scenario. The local currency gained substantially in the days leading up to the ANC’s elective conference, which on Monday named Deputy President Cyril Ramaphosa as the new party leader. Ramaphosa narrowly beat former AU Commission chairwoman Nkosazana Dlamini-Zuma to succeed President Jacob Zuma, whose tenure has been dogged by controversy. Ramaphosa will have his work cut out for him, trying to redeem the image of the battered governing party in the lead-up to the general elections in 2019. But the more immediate task will be to help restore and foster confidence, which is key to economic growth. But there is concern that the new party leader will battle to build consensus due to the opposing factions within the ANC’s top six. "This is a win for [Ramaphosa], but given the make-up of the new [ANC’s top six], this is not necessarily a loss for the Zuma faction within the ANC," said BayHill Cap...
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