South Africa’s rand staged its biggest drop in nearly a month as investors awaited an announcement by President Cyril Ramaphosa about who would be appointed in a new cabinet after agreeing to form a broad coalition with opposition parties. The currency fell as much as 1.5%, the steepest drop since the aftermath of the elections on May 30, to trade at 18.24 to the dollar. The yield on benchmark bonds rise 13 basis points to 11.3%. The announcement is expected in the coming days following negotiations to form a so-called government of national unity since the African National Congress lost its parliamentary majority in ... (full story)