Geoff Blount | BayHill Capital
This is a win for Cyril Ramaphosa, but given the make-up of the new NEC, this is not necessarily a loss for the Zuma faction within the ANC.
Markets got this one wrong – and were pricing in a Cyril slate victory, rather than a “hung” NEC. Hence, we expect the rand and the domestic-facing stocks to weaken tomorrow after their recent rally. Some of the euphoria will be repriced out of the market and it will retrace some of its steps as the reality sinks in.