Markets betting ANC will “do the right thing” after landmark ConCourt judgement

One cannot exaggerate the significance of yesterday’s Constitutional Court judgment. Future generations will mark 31 March as a watershed. Pundits are offering any number of possible scenarios. For me, two things should hold our focus.

First, the country’s “share price” appreciated strongly during and after Chief Justice Mogoeng Mogoeng’s reading of the ConCourt’s unanimous judgement. From R15 to the US Dollar in early Asian trading, the Rand touched its best level of R14.65 when Joburg trading rooms closed for the night. Smart money is saying this is no hollow victory. It is betting decisive, positive action will follow.

The second is the official statement from the ruling ANC. Short and punchy, it notes the party “respects the judgement which once again reaffirms our full confidence in the judiciary,” and the ANC understand its “serious nature.”

The party’s brains trust also knows it is critical for a rational reaction and that will only come from cool heads. So it has determined to “study it in detail” and only comment thereafter. As with the NEC meeting last month, there is no knee jerk reaction. That is good. Also, the markets are giving the ANC the benefit of the doubt – projecting the party of Mandela will rediscover its moral compass and do the right thing.

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