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Rand firmer after elections, stocks fall

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The election was seen as the toughest test yet for the ruling African National Congress party 25 years after the party swept to power at the end of white minority rule.

JOHANNESBURG - The rand firmed in early trade on Thursday, a day after an election for a new parliament and provincial legislatures, while stocks fell with Steinhoff the biggest loser on the all-share index.

“It’s too early to tell how the domestic market has interpreted the initial results,” RMB analyst Nema Ramkhelawan-Bhana said in a note. On the stock market, the Top-40 index was down 1.5% while the broader all-share fell 1.4% in early trade.

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