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South African market soars 4% on Jacob Zuma's exit, emerging stocks rise

Deputy president Cyril Ramaphosa is expected to replace Zuma as president

Reuters  |  Johannesberg 

  South African main stock market index jumped nearly 4 per cent on Thursday, putting it on track for its biggest one-day gain in more than two years as investors welcomed the resignation Jacob Zuma as president. Zuma quit late on Wednesday, reluctantly heeding orders by the ruling African National Congress (ANC) to bring an end to a nine-year tenure punctuated by scandals, stagnant economic growth and policy uncertainty. The blue chip Top-40 index surged 3.6 per cent, on course for its biggest one-day gain since September 2015. The broader All-share index was up 3.3 per ...

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First Published: Thu, February 15 2018. 16:30 IST