'The politically noisy environment does create some negativity from an investor-sentiment perspective.'
Rand traders are starting to look to next year’s South African election, betting that it will bring with it whipsaws in the currency. The rand’s one-year implied volatility — the options market’s estimates of price swings over the life of the contract — has shot up from three-year lows reached last month. It has risen about 70 basis points to 15.
“What we are concerned about, is that we may get coalitions that can’t work together that possibly have policies that are too opposing,” Bishop said. “And of course what we all hope, is that we get a stable government.” While the largest opposition party, the Democratic Alliance, has struggled to capitalise on the discontent, a number of smaller parties have seen an up-tick in support as voters seek an alternative.
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