Wall Street cheers as Zuma's resignation marks new era for rand

Lima

TRADERS couldn't be happier to see the end of South African President Jacob Zuma's nine years in power.

The 75-year-old leader had driven Wall Street to wit's end in recent years amid ratings downgrades, declining growth and a string of scandals. After surviving multiple attempts by opposition parties to oust him throughout his presidency, he agreed to step down late Wednesday. The rand rallied to its highest level since February 2015, following weeks of manoeuvres by the ruling African National Congress to remove him from office.