Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

Rand Rises as ANC Scrambles to Patch Up Their Election Blunder

Eriki Joan UgunushebyEriki Joan Ugunushe
June 6, 2024
in Business & Finance
0
Rand Rises as ANC Scrambles to Patch Up Their Election Blunder
Share on FacebookShare on TwitterShare on Whatsapp

In a slight rebound, South Africa’s rand edged higher early Thursday after a previous dip triggered by the African National Congress’s (ANC) bold proclamation of aiming to forge a government of national unity following last week’s election debacle.

By 0715 GMT, the rand had clawed its way back to 18.90 against the dollar, marking a modest 0.2% improvement from its prior close. This marginal gain comes on the heels of the ANC’s historic stumble: for the first time in three decades, the party failed to secure a majority in the May 29 election.

 

 

In a desperate bid to cling to power, the ANC announced on Wednesday that it had initiated discussions with various interested parties, seeking fresh ideas to cobble together a new government. Later today, the party’s National Executive Committee will engage in tense, high-stakes internal deliberations to explore their limited options.

Currency strategist Andre Cilliers from TreasuryONE noted the palpable tension among traders, saying, “Markets will remain jittery until there’s a clear direction. We can expect the rand to be highly volatile and swayed by headlines in the near term.”

Amid this political turbulence, the stock market showed a faint sign of optimism. The Top-40 index (.JTOPI) inched up by 0.1% in early trade. Meanwhile, the country’s benchmark 2030 government bond also reflected some positive movement, with the yield dipping 12 basis points to 10.610%.

As South Africa’s political landscape faces a seismic shift, the financial markets brace for a roller-coaster ride driven by uncertainty and speculation.

Tags: ANCElectionfederal characterFinancegovernmentNewsRandRand Rises as ANC Scrambles to Patch Up Their Election Blundersouth africa
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

Related Posts

Will the Dangote Refinery Deadlock Worsen Nigeria's Economic Crisis?
Business & Finance

Will the Dangote Refinery Deadlock Worsen Nigeria’s Economic Crisis?

September 30, 2025
September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness
Business & Finance

September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness

September 29, 2025
TUC to Dangote: No Company Is Above Nigerian Workers’ Rights
Business & Finance

TUC to Dangote: No Company Is Above Nigerian Workers’ Rights

September 28, 2025
Next Post
Russia Overtakes Japan as World’s 4th Largest Economy in PPP Terms: Latest Global Rankings

Russia Overtakes Japan as World's 4th Largest Economy in PPP Terms: Latest Global Rankings

Maddison and Jones Excluded from England’s Final EURO 2024 Squad

Maddison and Jones Excluded from England's Final EURO 2024 Squad

Premier League Clubs Vote Overwhelmingly to Retain VAR Despite Controversy

Premier League Clubs Vote Overwhelmingly to Retain VAR Despite Controversy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Representatives support NNPCL’s collaboration with Tompolo on pipeline security.

Representatives support NNPCL’s collaboration with Tompolo on pipeline security.

3 years ago
Knowledgeable Facts Regarding The Africa Cup Of Nations

Knowledgeable Facts Regarding The Africa Cup Of Nations

2 years ago
Klintoncod Slams Prophet Fufeyin, Describes Him as Disgrace to Christianity

Klintoncod Slams Prophet Fufeyin, Describes Him as Disgrace to Christianity

3 months ago
Community Shield taken home by Liverpool after they defeated Man City.

Community Shield taken home by Liverpool after they defeated Man City.

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Why Did Nigeria’s Shea Nut Export Ban Backfire on the Women It Was Meant to Help?

Nicole Kidman and Keith Urban: What Really Went Wrong After 19 Years?

A Legal Hurdle or Tactical Delay? Why Sowore’s Arraignment Stalled

Why Did the Presidency Cancel the Independence Day Parade? Nigerians Demand Answers

Will the Dangote Refinery Deadlock Worsen Nigeria’s Economic Crisis?

Greene Turtle Ban Exposes Baltimore’s Lazy Fix to a Bigger Problem

Trending

Oritse Femi Celebrates Birth of Grandchild
Entertainment

Oritse Femi Celebrates Birth of Grandchild

byAyobami Owolabi
October 1, 2025
0

Nigerian singer-songwriter Oritse Femi is celebrating a special family milestone as he welcomes his grandchild. The proud...

Minaj and Cardi B Reignite Their Bitter Feud

Minaj and Cardi B Reignite Their Bitter Feud

October 1, 2025
Chelsea Secure a Narrow win against Mourinho's Benfica for First UCL Win; Liverpool Stunned by Osimhen

Chelsea Secure a Narrow win against Mourinho’s Benfica for First UCL Win; Liverpool Stunned by Osimhen

October 1, 2025
Why Did Nigeria's Shea Nut Export Ban Backfire on the Women It Was Meant to Help?

Why Did Nigeria’s Shea Nut Export Ban Backfire on the Women It Was Meant to Help?

September 30, 2025
Nicole Kidman and Keith Urban: What Really Went Wrong After 19 Years?

Nicole Kidman and Keith Urban: What Really Went Wrong After 19 Years?

September 30, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Oritse Femi Celebrates Birth of Grandchild
  • Minaj and Cardi B Reignite Their Bitter Feud
  • Chelsea Secure a Narrow win against Mourinho’s Benfica for First UCL Win; Liverpool Stunned by Osimhen

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com