JOHANNESBURG – South Africa’s rand and government bonds weakened on Wednesday, giving up earlier gains, right after the ruling African National Congress Party (ANC) rejected requires President Jacob Zuma to relinquish.
Zuma’s decision the other day to fire a respected finance minister rattled markets and brought about the country’s debt being downgraded to junk status by S&P Global Ratings.
The rand firmed in earlier trade over mounting involves Zuma to step down from unions, religious leaders, civil society and also the opposition.
But the ANC rejected the calls, at 0943 GMT, the rand traded at 13.8000 per dollar, 1.25% weaker from Tuesday’s close.
The yield for your benchmark government bond due in 2026 rose 7 basis points to 8.985%.?