Jacob Zuma’s resignation yesterday ended a months-long standoff within the ruling ANC party ©PA Images
Jacob Zuma’s resignation yesterday ended a months-long standoff within the ruling ANC party ©PA Images

Markets rise as Zuma steps down

15 February 2018

The South African rand climbed to an almost three-year high against the dollar and share indexes rose on the news that Cyril Ramaphosa was being sworn in as president.

Ramaphosa was the only candidate nominated in parliament today and became president without the need for a vote. He succeeds Jacob Zuma who stood down yesterday to avoid a vote of no confidence.

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