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Zuma fate undecided as ANC NEC meeting focuses on party celebrations

Zuma fate undecided as ANC NEC meeting focuses on party celebrations

"It is quite clear that Ramaphosa is not equal to the task of getting rid Zuma as the majority of the ANC is still made up of corrupt and selfish leaders who put filling their own pockets before the needs of the people‚" Van Damme said.

The South African delegation will comprise Ministers and business leaders, with the Minister of Finance, Mr. Malusi Gigaba as the lead Minister and coordinator.

Since Ramaphosa narrowly defeated Nkosazana Dlamini-Zuma, the rand has rallied from around R13.60/dollar, to around R12.23.

"The market has increasingly priced in the fact that Zuma will step down before the 2019 election", said Christopher Shiells, managing analyst for emerging markets at Informa Global Markets.

In a statement President Zuma said that "allegations that the state has been wrestled out of the hands of... the people of South Africa, are of paramount importance" and were "deserving of finality and certainty".

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Since Zuma isn't much loved by investors, the rand shot up on speculation a new government led by the leader of the ruling African National Congress, Cyril Ramaphosa, was on the way in.

The rand briefly extended losses against the US dollar.

Two senior committee members told Reuters Ramaphosa's faction in the ANC did not want to try to openly oust Zuma since the NEC was only elected a month ago and because Ramaphosa's victory was marginal.

Meanwhile, in equities, the benchmark JSE Top40 index slipped 0.03% to 53167.96 points while the broader all share index declined 0.22% to close at 59979.63 points.

Steinhoff fell 13.02 percent to 7.55 rand after the European Central Bank said on Monday it had sold its bonds of the scandal-hit company, potentially suffering a loss of up to 55 percent on that investment.