The once-majority party has emerged as the leading political choice in the election with around 31% of the vote. However, this is a significant decline of 14.6 percentage points from 2021’s vote.<\/p>\n\n\n\n
It also marks a further erosion in the ANC’s grip on power after it lost its national parliamentary majority in 2024’s national election.<\/p>\n\n\n\n
Market reaction to the vote, which took place on 4 November, has been muted as many await the final outcome. <\/p>\n\n\n\n
The Independent Electoral Commission (IEC) is expected to announce the final numbers over the weekend, with vote counting at 98.2%.<\/p>\n\n\n\n
Bureau for Economic Research chief economist Lisette IJssel de Schepper said the key economic issue was whether the elections lead to more stable administrations in key cities, better service delivery and a stronger environment for business.<\/p>\n\n\n\n
This won’t be any clearer until the results are finalised and coalitions are formed.<\/p>\n\n\n\n
Instead, markets have been dominated by the outcome of the United States mid-term elections, which saw the Democratic Party sweep the country, claiming majorities in the House and Senate.<\/p>\n\n\n\n
Oil prices have fallen on the hopes of an end to the war in the Middle East, now trading under $100 a barrel.<\/p>\n\n\n\n
The US dollar gained, drawing support from safe-haven demand after a selloff in AI stocks worldwide.<\/p>\n\n\n\n
The rand has remained in a more volatile range, trading around R16.50 to the dollar as markets digest what has been a busy election week.<\/p>\n\n\n\n
The local unit ended the week at R16.52 to the dollar, R22.6 to the pound, and R18.40 to the euro. Gold is trading at $4,070.41, and oil is at $98 a barrel.<\/p>\n\n\n\n
5 important things happening in South Africa today<\/h2>\n\n\n\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/05\/Petrol-price-down-e1794030470438-1024x576.jpg\")
<\/a><\/figure>\n\n\n\nANC is being punished:<\/strong> Vote counting for the 2026 Local Government Election is entering its final stretch, with 98% of the votes tallied, with the ANC taking a massive hit. Click here to see live results from the Newsday Election Results Portal.<\/a><\/strong><\/p>\n\n\n\n
\n\n\n\nPetrol price joy for Christmas: <\/strong>Early data from the Central Energy Fund indicate that petrol prices in South Africa are set to fall in December, even as National Treasury\u2019s relief measures are reduced. [BusinessTech<\/a>]<\/p>\n\n\n\n
\n\n\n\nCybertruck is dead: <\/strong>Tesla plans to wind down Cybertruck production at its Texas gigafactory around the middle of next year, CEO Elon Musk said on Friday, as the model has failed to win mass-market appeal. [Top Auto<\/a>]<\/p>\n\n\n\n
\n\n\n\nAndre de Ruyter’s prediction:<\/strong> Eskom’s customer base is shrinking, and it is selling less electricity. If it cannot reduce costs, it must increase tariffs to remain sustainable. This will push customers further away, heralding the death spiral former CEO Andre de Ruyter warned about. [MyBroadband<\/a>]<\/p>\n\n\n\n
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<\/a><\/figure>\n\n\n\nANC is being punished:<\/strong> Vote counting for the 2026 Local Government Election is entering its final stretch, with 98% of the votes tallied, with the ANC taking a massive hit. Click here to see live results from the Newsday Election Results Portal.<\/a><\/strong><\/p>\n\n\n\n Petrol price joy for Christmas: <\/strong>Early data from the Central Energy Fund indicate that petrol prices in South Africa are set to fall in December, even as National Treasury\u2019s relief measures are reduced. [BusinessTech<\/a>]<\/p>\n\n\n\n Cybertruck is dead: <\/strong>Tesla plans to wind down Cybertruck production at its Texas gigafactory around the middle of next year, CEO Elon Musk said on Friday, as the model has failed to win mass-market appeal. [Top Auto<\/a>]<\/p>\n\n\n\n Andre de Ruyter’s prediction:<\/strong> Eskom’s customer base is shrinking, and it is selling less electricity. If it cannot reduce costs, it must increase tariffs to remain sustainable. This will push customers further away, heralding the death spiral former CEO Andre de Ruyter warned about. [MyBroadband<\/a>]<\/p>\n\n\n\n
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