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Rand strengthens after Ace suspension, but SA investors still cautious
The ANC has begun cracking down on leaders implicated in corruption, starting with the recent suspension of Ace Magashule – but is it too little too late? The rand strengthened following the news, but according to Bloomberg, investors in South African assets will need a lot more convincing that the ruling party’s crackdown on corruption will prove effective. As it is, Magashule responded by saying that he is appealing this “unconstitutional suspension” and encourages other “affected comrades” to do the same. – Claire Badenhorst
South African Investors See Long Road Ahead for Graft Crackdown
Felix Dlangamandla, Gallo Images, Netwerk24
The ANC s move to suspend secretary general Ace Magashule will be well received by investors, according to analysts
However they need more convincing that the crackdown on corruption will prove effective
The rand strengthened as much as 1% against the dollar on Thursday, government bond prices climbed and the JSE hit a one week high after the suspension
Investors in South African assets need a lot more convincing that the government crackdown on corruption will prove effective.
The rand strengthened as much as 1% against the dollar on Thursday, the best gain among 15 major currencies tracked by Bloomberg, government bond prices climbed and the benchmark stock index hit a one-week high after the ruling ANC suspended one of its most senior officials. But market participants were muted in their enthusiasm over the move.
South African Investors See Long Road Ahead for Graft Crackdown
May 06 2021, 10:42 PM
May 06 2021, 9:10 PM
May 06 2021, 10:42 PM
(Bloomberg) Investors in South African assets need a lot more convincing that the government crackdown on corruption will prove effective.
(Bloomberg) Investors in South African assets need a lot more convincing that the government crackdown on corruption will prove effective.
The rand strengthened as much as 1% against the dollar Thursday, the best gain among 15 major currencies tracked by Bloomberg, government bond prices climbed and the benchmark stock index hit a one-week high after the ruling African National Congress suspended one of its most senior officials. But market participants were muted in their enthusiasm over the move.
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