The rand strengthened against major global currencies on Thursday afternoon, as the counting of ballots in SA’s general election continued.By 1.30pm, the governing ANC had secured 56.21% of the national vote, followed by the DA with 24.17%. The ANC also led in Gauteng with 50.48%, but is at risk of losing its majority in the province, which would force it into seeking a coalition. The prospect of a Gauteng coalition is being closely watched by the market.Citi Group economist Gina Schoeman had said in a note after meetings in London: “If an ANC-EFF coalition results in Gauteng, investors could become substantially more bearish given the EFF’s desire for broad-based nationalisation.”The DA leads the Western Cape, with 54.88% of the vote, followed by the ANC at 29.36%.A national victory by the ANC of more than 60% is likely to improve investor sentiment, according to some analysts, as it will be seen as boosting President Cyril Ramaphosa’s chances of pushing his economic reform agenda....

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now