Ramaphosa elected president of South Africa

Cyril Ramaphosa was elected as South Africa’s president in a parliamentary vote on Thursday after scandal-ridden Jacob Zuma reluctantly resigned on orders from the ruling African National Congress.

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.

Reuters