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How markets are reacting to South Africa’s election results

Investors are anticipating more turbulence in South Africa's financial markets following an election with no clear winner, leaving coalition talks and future policies uncertain with the ruling The African National Congress (ANC) failing to secure a parliamentary majority for the first time since 1994. At market open, rand volatility surged, briefly reaching highs from September. The rand traded 0.3 per cent stronger at R18.73 per US dollar by mid-morning, potentially marking its first gain in four days. CNBC Africa is joined by David Faulkner, Economist, South Africa & SSA, HSBC and Izak Odendaal, Chief Investment Strategist, Old Mutual Wealth for this discussion.
Mon, 03 Jun 2024 16:39:45 GMT
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