South African assets tread water ahead Zuma vote

South African assets are trading steadily ahead of scheduled parliamentary vote of no confidence in President Jacob Zuma this week, the latest in a long-running political saga in Africa’s most industrialised economy.

Later this afternoon, the country’s parliamentary speaker will announce whether the vote on Mr Zuma’s position will be held by a secret ballot on Tuesday.

The decision on whether to grant the secret vote is likely to have ramifications for the potential outcome.

Last month, South Africa’s highest court paved the way for the secret ballot this week, ruling that country’s parliamentarians should be able to vote their conscience on Mr Zuma.

The troubles have also weighed down on the economy, which, alongside Nigeria, is the continent’s largest.

South Africa’s central bank was forced to cut rates for the first time in five years last month after the country fell into recession at the start of 2017.

UCJ, UNILORIN.