JOHANNESBURG – South Africa’s rand was firmer in early trade on Wednesday, contributing to gains notched within the previous session following the country’s top court said it would consider whether a motion of no confidence against President Jacob Zuma really should be taken by secret ballot.
?The rand traded 0.4% stronger at 13.7675 from the dollar from 0650 GMT.
South Africa’s top court said on Tuesday it would consider whether a motion of no confidence against Zuma ought to be taken by secret ballot, as pressure placed on him to resign following a controversial cabinet reshuffle.
“A secret ballot would significantly replace the chances of but certainly not ensure the motion passing,” RMB Global Markets said in the note.
Stocks were gonna open higher at 0700 GMT, with futures up 0.4%.
Government bonds firmed, the yield over the benchmark 2026 instrument was down 4.5 basis suggests 8.910%.