With the ANC expected to win Wednesday’s elections, equity-market investors will be watching for the victory margin to give them the chance to judge whether growth-boosting economic reforms will follow. A narrative has developed among analysts that a decisive win for the ruling party will strengthen President Cyril Ramaphosa’s hand as he takes on populist elements in the party who are aligned to his predecessor Jacob Zuma and oppose policies that are seen as crucial to boosting the economy. On top of the list will be decisive action to resolve the financial and operational crisis at Eskom, which may ward off a credit downgrade from Moody’s Investors Service and boost sentiment towards South African assets. “The closer to 60%, the more positive the market will be,” Garth Mackenzie, founder of Traders Corner, said at a BDFM/IG Markets Investment Dialogue event this week. “That’ll give the market the certainty it wants.” The JSE had a good day on Friday, with the all share rising 1.01%...

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