After Cyril Ramaphosa was named new ANC president, the rand firmed by nearly 4% against the USA dollar to R 12.55. He has been backed by business and union leaders.
Mr Ramaphosa was deputy president of South Africa and became president of the ANC today after a vote decribed as the most pivotal moment for the party since it launched black-majority rule under Nelson Mandela 23 years ago.
Former African Union chairperson Nkosazana Dlamini-Zuma reacts before addressing a lecture to members of the African National Congress Youth League in Durban, South Africa, April 20, 2017.
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Standard Bank Economist Goolam Ballim says: "In the essence, after having been adrift for a decade and after having growth slump for many years, it is now the expectation that with Cyril Ramaphosa at the helm, growth will be reinvigorated".
The announcement of the result was delayed by a recount of votes after a delegate supporting Mrs Dlamini-Zuma was said to have lodged an objection. The victor will need votes from 2,389 delegates to gain a majority. And some of the ANC's national committees, which send several hundred delegates to the conference, are also thought to be favouring her.
The Mail & Guardian reported that of the 1138 ANC branches out of a total of about 3800 branches, that had held their branch general meetings early November, 768 nominated Cyril Ramaphosa as ANC president.
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This ambitious package will see more people than ever before helped onto the path towards building a secure retirement". Experts estimate the new measures will mean someone on average earnings increasing their final pension pot by £60,000.
The Sunday Independent published a front page endorsing Dlamini-Zuma on Sunday, the day the ANC presidential vote was set to happen.
The ANC, which marked its 105th anniversary this year, fought to end apartheid and has dominated the political landscape since then.
Mr Ramaphosa had tweeted before the election: 'I will serve in whatever position the movement sees fit. He criticized business groups, civil society, the media and the judiciary.
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The victims include a 40-year-old woman and three of her children, an 11-year-old boy, a 7-year-old boy, and a 3-year-old girl. One person suffered a broken pelvis after jumping from a window. 'Our city grieves with this family today'.