The rand lost a bit of momentum on Monday morning, but the underlying trend remained strong following significant political developments at the weekend.Earlier in the session the local currency touched fresh two-and-half-year best to the dollar, outperforming other currency pairs.The relative outperformance came after the ANC’s national executive committee (NEC) resolved that President Jacob Zuma, whose two terms in office has been mired in controversy, should be recalled — but the timeline has yet to be decided.The other significant development was the sudden appointment of the new board at Eskom, widely considered a key risk to the focus. The power utility has been hobbled by allegations of corruption and mismanagement.The new Eskom board will be seen as an example of swift action by new ANC leader Cyril Ramaphosa, who has promised to stabilise struggling state-owned entities (SOEs) by rooting out corruption.But Eskom is also facing a possible liquidity crunch, which has prevented...
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