South African election rebuke sets up reform test edwardcropley
South Africa’s ruling African National Congress was on course for election victory on May 10, with just over 57% support based on three-quarters of ballots counted.
The result, the first since Cyril Ramaphosa replaced Jacob Zuma as president in early 2018, is the ANC’s worst electoral result since the end of apartheid in 1994. The rand was up 0.6% by 0740 GMT, at 14.2575 against the dollar, its firmest level in two weeks. The yield on South Africa’s benchmark 2026 government bond was down 8 basis points at 8.47%.
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