South Africa's main stock market index jumped nearly 4 percent, putting it on track for its biggest one-day gain in more than two years as investors welcomed Zuma's resignation after nine years in office plagued by corruption allegations. The rand, which has gained ground whenever Zuma ran into political turbulence, soared to a near three-year high against the dollar on word of his resignation. Still, Zuma's departure late on Wednesday provided evidence of the strength of South Africa's democratic institutions, from the courts to the media and the constitution. Ramaphosa was elected unopposed as Zuma's permanent successor by parliament, and declared duly elected by South African Chief Justice Mogoeng Mogoeng. Ramaphosa's first state of the nation address was expected to take place on Friday.

Source: bd News24 February 15, 2018 12:56 UTC