South Africa’s currency and stock market strengthened after Cyril Ramaphosa was inaugurated as the country’s president for a second term having sealed a power-sharing agreement with the opposition Democratic Alliance.
The Johannesburg Stock Exchange rose 1.2 per cent on Wednesday, after surging 3.5 per cent on Tuesday, as investors reacted positively to the prospect of an African National Congress-led government tempered by what they regard as the moderating and practical influence of the DA.
The South African rand rose as high as R17.9 against the dollar, clawing back its losses after last month’s election, when the ANC’s dismal showing raised fears it might form a coalition with radical breakaway parties.
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