Olivia Kumwenda-Mtambo | JOHANNESBURG

South Africa’s rand weakened early on Monday after media reports that President Jacob Zuma had survived a no-confidence motion against him at a meeting of senior officials of the ruling African National Congress (ANC) on Sunday

At 0645 GMT, the rand traded at 12.9150 per dollar, 0.35 percent weaker from its New York close on Friday.

“The local markets were keenly awaiting the outcome of the ANC NEC, some optimistic views in the market that the President would not survive a motion of no confidence, but once again that is not the case, and Mr Zuma remains in his seat,” Nedbank analysts said in a note.

Zuma is facing mounting pressure against him from ANC members, opposition parties and civil society since he axed respected finance minister Pravin Gordhan in March, triggering credit rating downgrades.

Stocks were set to open flat at 0700 GMT, with the JSE securities exchange’s Top-40 futures index largely unchanged.

(Reporting by Olivia Kumwenda-Mtambo; Editing by Andrew Heavens)

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