Ramaphosa Sees Progress in South Africa's 'Mammoth' Corruption Fight

Ramaphosa, Mnangagwa to woo investors at World Economic Forum

Ramaphosa Optimism Buoys Rand

South Africa's Ministerial delegation has participated actively in a range of discussion platforms and bilateral meetings with worldwide public and private sector leadership who have existing interests in or are exploring new opportunities in South Africa as a leading emerging market.

The dollar fell more than half a percent against a basket of currencies on Friday as comments by senior United States officials this week supporting a weak dollar reverberated through currency markets.

South African Trade and Industry Minister Rob Davies says global investors have a more optimistic view of the country following the recent political leadership changes in December 2017.South Africa's ruling African National Congress replaced ANC president Jacob Zuma with his deputy Cyril Ramaphosa at the party elective conference in December.

According to the country's Integrated Resource Plan, South Africa is planning to build eight nuclear reactors that will generate 9.6 gigawatts of power.

"The wheels of change are moving now and they are going to start speeding up", Ramaphosa said Wednesday in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland.

In fixed income, the yield on the benchmark government bond was up 0.5 basis points to 8.43 percent.

As the rand strengthened, investors sold off shares in local companies that earn the bulk of their revenues in hard currency, known as rand hedge shares, dragging the index lower.

"Any normal human being would be concerned about all this and feeling anxious, so he is naturally feeling anxious and wants things to be handled carefully", he said.

On the upside, troubled South African retail group Steinhoff closed up 1.48% to R7.55 after it said in a presentation to European lenders it expected to give a quarterly trading update at the end of February.

Steinhoff, which owns more than 40 brands including Poundland in Britain and Mattress Firm in the United States, admitted "accounting irregularities" last month.

"I would think that in a more positive environment, certainly one in which people are wanting to raise capital for long term investment, both the number of IPOs and capital raised will trend in a positive direction", she said.

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