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....
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