STOCKS, RAND - REACT POSITIVELY AFTER RAMAPHOSA TAKE OVER

CAPETOWN - Domestic stock index rose by close to 5% yesterday, marking a huge one-day gain in close to more than three years, a clear indication of how Zuma's resignation could pave the way for the new leaders to quicken the pace for the country's economic growth.

Yesterday's increase saw the currency soaring to its finest since 2015. The foreign exchange market advanced to levels last seen in February 2015. By 5pm, the rand bid at R11.6304 to the US$, 25.4c firmer than the same time on Wednesday, having reached a session-best of R11.6025 earlier yesterday.  Analysts however have warned of possible serious obstacles ahead of budget speech next Wednesday.

In reaction to Zuma's exit, ratings agency Moody's said it was focused on the new leadership's response to economic challenges. S&P Global Ratings said the leadership changes would not immediately affects the credit status.