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Rand Drops on IOL Report of Plan for Unity Government
South African assets were among the world’s worst performers on Wednesday, after the African National Congress said it’s considering a government comprising several parties, rather than a tie-up with the business-friendly Democratic Alliance. The rand fell as much as 1.2% to 18.9462 per dollar as of 2:03 p.m. in Johannesburg, its weakest level since April 26, while the yield on 10-year notes rose nine basis points to 12.21% and sovereign dollar bonds sold off. ANC officials have held exploratory talks with a number of opposition parties and “the best option” at this point looks to be a multi-party government ... (full story)