There’s no question that markets got way ahead of themselves in anticipation of a Cyril Ramaphosa victory in the ANC elections, driving up the rand to euphoric highs. The currency pulled back to an extent once it became clear that Ramaphosa’s success in winning the ANC presidency was a compromised one, with a divided and potentially poisonous top six party leaders. Disputes over the count ought to make investors sit up and take notice, but for now, the wave of optimism persists. That is despite a sobering note from ratings agency Moody’s on Monday, which came as a reminder (in case anyone had forgotten) that SA was still on watch for a downgrade. It is the last of the ratings agencies that has us on investment grade and it had been holding out to see which way the ANC conference went. Its verdict is less than fulsome. Ramaphosa’s victory "opens up the tentative prospect of a shift in policy and a rise in business confidence that could reverse the gradual deterioration in SA’s credit...

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