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ANC conference | Rand jumps as Ramaphosa is re-elected
The rand jumps by around two percent as market participants welcome President Cyril Ramaphosa's re-election as head of the ANC.
JOHANNESBURG - The rand strengthened slightly against the dollar after President Cyril Ramaphosa's victory was announced.
The ANC on Monday re-elected Ramaphosa as its leader for a second five-year term.
Ramaphosa garnered 2,476 votes for the post of party president against 1,897 for former Health Minister Zweli Mkhize, the African National Congress' elections chief, Kgalema Motlanthe, announced.
"It's a good outcome not only for the governing party... it's a good outcome for the country," Ramaphosa's spokesman Vincent Magwenya told reporters.
"The president is quite energised," he added.
Ramaphosa's comfortable victory opens the way for him to a second term as South African president if the ANC win the next general elections, due in 2024.
Under the constitution, the head of state is chosen by parliament.
More than 4,300 delegates, gathered at a conference near Johannesburg, cast their ballots on Sunday to appoint top officials, including party president, deputy president, chair and secretary general,
The party's former treasurer, Paul Mashatile, emerged as deputy president.