Currencies
South Africa Assets Soar on Growing Odds of Stable Coalition
- Support for leftist EFF declines, making coalition less likely
- ANC-DA match-up seen as most market friendly: Credit Agricole
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South African stocks touched their highest levels since January, eurobonds rose and the rand surged by the most this year after publication of an opinion poll was seen boosting the odds of a market-friendly coalition emerging from national elections next month.
The South African currency advanced as much as 1.7% to 18.7223 per dollar, its biggest increase since mid-December on a closing basis and the biggest gain among emerging-market currencies globally on the day, after a poll by Ipsos showed backing for the ruling African National Congress dropping to 40.2%. That’s down from 40.5% in a survey published on Feb. 6, and 43% in October.