Results Of South Africa's Ruling Party Elections Are Boon To Rand

The South African Rand has extended its rally over the announcement of the outcome of ANC leadership election, with several aspects of the contest likely aiding the move:

1. weekend press reports flagging shifts in factional alliances may have prepared some observers for a tighter race between Cyril Ramaphosa and Zweli Mkhize, with organisational issues haunting the elective conference creating further headwinds for incumbent executives;
2. Ramaphosa managed to increase his margin of victory versus the 2017 leadership election, while most of the top positions were claimed by his allies, which suggested that he still enjoys strong support from party members.

South Africa's Finance Minister Godongwana said that Ramaphosa's re-election as ruling party leader suggests continuity in the nation's economic policy.