The Latest on South Africa’s Election

(Bloomberg) -- South Africa’s electoral authorities have completed counting about three quarters of the ballots from Wednesday’s general election.

The ruling African National Congress is set to win a majority that’s about five percentage points lower than the last election in 2014, while the populist Economic Freedom Fighters is set to increase its share of the vote the most, albeit by less than predicted by pollsters.

Here are the latest developments, updated throughout the day. Click here to read yesterday’s timeline. (Time-stamps are local time in Johannesburg.)

Key Developments

  • With 75% of districts counted, ANC has 57.2% of national vote
  • CSIR projection shows tight race to control Gauteng province

Latest CSIR Projection Has ANC Obtaining 57.5% (08:02 a.m.)

The Council for Scientific & Industrial Research and the public broadcaster are projecting that the ANC will obtain 57.5% of the vote, with the main opposition Democratic Alliance set to garner 20.8% and the Economic Freedom Fighters 10.5%.

An opinion poll conducted by the South African Institute of Race Relations last week showed the ANC would get 53% to 54% of the national vote, with the DA on 23%-24% and the EFF at 13%-14%. An Ipsos survey in April predicted the ruling party will get 61% of the vote, the DA 19% and the EFF 11%.

Ramaphosa Win, Eskom Reform May Boost Banks (07:05 a.m.)

President Cyril Ramaphosa’s re-election will strengthen investor confidence in South Africa, according to Bloomberg Intelligence analysts Philip Richards and Edmond Christou.

A stronger mandate for Ramaphosa will enable the government to accelerate the reorganization of power utility Eskom, with land reform likely to follow. Those factors would curb risks facing the nation’s banks, they said.

Get More

  • Poor Election for Populists to Boost Reform
  • Why Ramaphosa Needs Decisive Win in South Africa Vote: QuickTake
  • South Africa Inc.’s Tips for the President to Spur Economy
  • Victory Margin Key as Stock Traders Ready for S. Africa Vote

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