The rand was relatively steady and well contained on Tuesday morning amid uncertainty about the future of President Jacob Zuma.The long meeting of the ANC’s national executive committee (NEC), which was meant to finalise Zuma’s departure, left the markets none the wiser, fuelling speculation that Zuma was digging in his heels.The developments came after ANC president Cyril Ramaphosa indicated at the weekend that the matter would be resolved during the ANC’s NEC meeting."From a macro standpoint, while a Ramaphosa presidency will significantly boost sentiment towards SA, we think that some of the early optimism has gone too far," said Neil Shearing, chief emerging markets economist at Capital Economics.Shearing said Ramaphosa would have his work cut out for him, trying to balance the demands for a full inquest into Zuma’s alleged misdeeds with the need to keep his fractious party together in the run-up general elections in 2018.The rand has gained materially against the dollar since D...
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