Rand stable as market watches factional battles at ANC conference
The rand is up 6% against the dollar, at R12.68, since Cyril Ramaphosa’s win
The rand was slightly firmer against the dollar on Wednesday afternoon, holding on to some of the gains from its rally earlier this week, following Deputy President Cyril Ramaphosa’s election as leader of the ANC. There was some concern on Wednesday that the continuing ANC conference in Johannesburg could collapse due to fighting over some of the election results, but analysts said this was unlikely. The ANC was meeting on Wednesday afternoon to discuss the contention building around the issue of 68 missing votes during the election of the position of secretary-general. Free State premier Ace Magashule won on Monday by 24 votes, but supporters of his rival, Senzo Mchunu, have been pushing for a recount.