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South African stocks in demand after Zuma quits, rand soars
South African stocks index rose as much as 5 percent on Thursday, putting the main index on track for its biggest one-day gain in more than three years, on hopes the resignation of Jacob Zuma as president paves the way for new leaders to quicken the pace of economic growth. The currency remained on the frontfoot, soaring to its firmest since early 2015 in the wake of Zuma’s exit. Analysts have however warned the rally faces serious obstacles ahead of a budget speech next Wednesday. Zuma quit late on Wednesday, reluctantly heeding orders by the ruling African National Congress (ANC) to bring an end to a nine-year ... (full story)