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Rand firms after Ramaphosa victory

After Cyril Ramaphosa was named new ANC president, the rand firmed by almost 4% against the US dollar to R 12.55.

Cyril Ramaphosa at the ANC's 54th national conference on 18 December 2017. Picture: EWN.

JOHANNESBURG - Just before the announcement that Cyril Ramaphosa was voted in as new ANC president, the rand moved to its strongest level to the dollar since March this year amid rife speculation that Ramaphosa would win.

After Ramaphosa was confirmed as the new ANC president, the rand firmed by almost 4% against the US dollar to R12.55.

The rand has hit very strong levels last seen in early September with some good news for bonds as well.

Standard Bank Economist Goolam Ballim says: “In the essence, after having been adrift for a decade and after having growth slump for many years, it is now the expectation that with Cyril Ramaphosa at the helm, growth will be reinvigorated.”

Shortly after Ramaphosa's victory was announced, South Africa's sovereign dollar bonds extended gains by as much as 1.2 cents.

There is a general consensus that the next leader of the ANC will need to steer the country away from another possible downgrade.

At the same time, South Africans are flooding social media platforms with their predictions (some believed to have inside info), messages of support with a pinch of humour.