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The rand rallied to R11.57 per dollar after Ramaphosa replaced Zuma as president, about 20% stronger than in November. The benchmark 10-year government bond yield fell to 8.18%, and foreign investors bought more top-40 shares than they sold.
Bloomberg reported that South African bonds had become more attractive than Mexican bonds for the first time.
Strong foreign inflows that lift the rand lower the local cost of imported feed ingredients for South African buyers. The price effect on global grain and meal markets is negligible.
businessday.co.zaRobert LaingFeb 16, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
