The markets are expressing the overwhelming relief that many citizens are still too war-weary to fully accept — that, after many wayward years, South Africa has chosen the high road to cleaner, more accountable and potentially more effective government.

Most economists are reluctant to revise up their growth forecasts until further details of the government of national unity (GNU) arrangement emerge, especially the apportionment of cabinet posts. But the markets have wasted no time in celebrating, with the currency initially strengthening by about 3% and bond yields rallying by about 40 basis points...

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