At time of writing (morning of Friday, May 10th), the election results show a drop in votes for both the ANC and DA nationally and an increase for the more populist EFF and Freedom Front Plus. The ANC is, however, very close to the 57%+ mark which will indicate a vote of confidence in Cyril Ramaphosa, giving him more power to get rid of the rot of corruption in government.
Although the JSE came under a lot of pressure in the days leading up to the election, it was more a case of bad news internationally and not specific to SA. As predicted, we see the rand strengthening to currently around R14,26/$ and some green on the equity screens.
We believe that South Africa has been given a second chance with this mostly free and fair election and that our president can start the road to recovery after the 9 years of Zuma plunder. It seems like it is ours to lose and that only an “own goal” can derail our road to recovery.
