Strong showing by ANC in election should boost stocks, but doubt remains
The key post-election issue is if Cyril Ramaphosa will be ‘more assertive in implementing changes that he knows are necessary if the economy is to start growing again’
Nairobi — With the winner of the May 8 elections hardly in doubt, it is uncertainty around the margin of victory for the governing ANC that has stock investors’ attention. Money managers and analysts have said a strong showing for the ANC, potentially exceeding 60% of the vote, should boost stocks by strengthening President Cyril Ramaphosa’s ability to drive improvements in SA. But opinion polls show differing pictures of ANC support, ranging from 51% to 61%. A decisive victory would empower Ramaphosa’s pro-business agenda, including releasing spectrum to the telecommunications sector, said Warwick Bam, head of research at Avior Capital Markets in Cape Town. A less-restrictive visa policy for visitors would spur tourism earnings, while clearer policy on the thorny land expropriation question would improve investment in agricultural production.
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