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ANC's lead eases investor concerns

The EFF's radical economic policies are of great concern for investors.

A member of The African National Congress sits at his party's station in the IEC's national results centre in Pretoria. Reinart Toerien/EWN.

JOHANNESBURG - The ANC's convincing lead has helped ease investor concerns following the rise of Julius Malema's Economic Freedom Fighters (EFF), economists said on Friday.

The ruling party looks set to win the polls with around 62 percent, followed by the Democratic Alliance with 22 percent.

The EFF is in third with 6,26 percent.

Investor perceptions were also boosted by the smooth running of the elections.

Business was worried about a radical shift economic policy changes, given the EFF's strong showing in the 7 May polls.

The rand is trading near a four-month high against the dollar with further strength expected in the short-term.

Econometrix Director and Chief Economist Azar Jammine said we mustn't confuse the current rand strength with political developments.

"Confidence in emerging markets more generally has improved and recovered from the huge sell-off that took place in December and January following the announcement of tapering."

He adds the ANC is in a good position to implement the National Development Plan.