A brave new world
Investors cheered Jacob Zuma’s resignation as President on Valentine’s Day and were excited to see Cyril Ramaphosa sworn in as his successor the following afternoon. Markets had priced in the greater prospect for sensible policymaking, a tougher stance on corruption and economic reform since December, but with the certainty that the Zuma era is over, came a bounce in the rand, local equities and bonds. Listed property is still struggling as governance concerns weigh on the Resilient stable of companies.