A man places an election poster of President Cyril Ramaphosa on a minibus taxi outside a polling station in Johannesburg, South Africa, May 8,2019. A man places an election poster of President Cyril Ramaphosa on a minibus taxi outside a polling station in Johannesburg, South Africa, May 8,2019. REUTERS/Philimon Bulawayo

South African rand steady as ruling party takes lead in elections

May 10, 2019

South Africa’s rand was mostly unchanged in early trade on Friday, as vote counting showed the ruling African National Congress to hold a commanding lead in an election for a new parliament and provincial legislatures.

The ANC is set to retain power after Wednesday’s election though the party is on course for its worst performance in a national poll in its 25 years in government.

At 0638 GMT, the rand traded at 14.3200 per dollar, 0.17 percent firmer than its New York close on Thursday.

The rand is expected to trade in the range of 14.25 to 14.40 rand to the dollar, NKC African Economics said in a morning note.

Investors however remain nervous after U.S. President Donald Trump’s tariff hike on $200 billion of Chinese goods took effect, raising tensions between the world’s two biggest economies despite ongoing talks negating any positive moves from elections.

In fixed income, the yield on the benchmark instrument due in 2026 was down 3 basis points to 8.520 percent.

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