The rand cheered local political developments on Wednesday, with bonds hovering at their strongest level in a year after a number of allegedly compromised ANC members opted not to participate in the new government. The rand was the second-best performing emerging market currency on Wednesday, but analysts said the boost from local political developments was small, and investors are still waiting to see the size and composition of President Cyril Ramaphosa’s new cabinet. The rand had gained during the week of the election two weeks ago, with markets betting that a comfortable win for the ANC would assist Ramaphosa in pushing his policies in a party struggling with internal divisions. The election outcome is also seen as having showed a reduced chance of the party turning to populist economic measures in order to shore up support. The ANC eked out a majority in Gauteng, SA’s most economically important province, avoiding the possibility of a politically messy coalition. As the JS...

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