Cyril Ramaphosa takes over as South Africa President

Leader of the ANC and deputy to former president Jacob Zuma has taken over as South Africa's president on Thursday, following the resignation of Jacob Zuma late Wednesday. Cyril Ramaphosa was the only candidate nominated in parliament, making voting unnecessary. Parliament members from the ruling African National Congress broke into song at the announcement.

Opposition party had
earlier said they would not participate in the parliamentary section that will vote Ramaphosa as president. The Economic Freedom Fighters are seeking for a new election to be held rather than the ANC deciding it.

Mr Ramaphosa's ascension to president has renewed hope which has immediately translated to South Africa's main stock market index jumping nearly 4 percent upward, becoming the biggest one-day gain in more than two years. Investors welcomed Zuma's resignation after nine years in office plagued by corruption allegations climaxed by Ramaphosa taking over Africa's most industrialised economy.

South African currency, the rand, has also reached its strongest levels in three years, at 11.6570 rand for $1 in early trading.

Ramaphosa's will give his first state of the nation address, which was scheduled to be given by Zuma last week before been cancelled, on Friday.

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