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Rand, bond market appreciate after elections declared free & fair

Chief economist at Efficient Group Limited Dawie Roodt said the financial market has reacted positively because re-election of the ruling party would come with some level of stability.

Picture: Supplied.

JOHANNESBURG - The rand and the bond market have appreciated following the official announcement on Saturday by the Independent Electoral Commission that the elections were free and fair.

Chief economist at Efficient Group Limited Dawie Roodt said the financial market has reacted positively because re-election of the ruling party would come with some level of stability.

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The rand was trading at R14.16 against the US dollar on Sunday morning.

Roodt said this in an indication that the markets like stability.

“The rand appreciated quite nicely and not only the rand but the bond market also appreciated quite nicely. So, the only outstanding issue at the moment is who is going to be in Cabinet,” he said.

(Edited by Mihlali Ntsabo)