South Africa's rand made a slight recovery early on Thursday, having slipped the day before when the African National Congress (ANC) said it would try to form a government of national unity following last week's election.

The ANC, which is still the largest party but can no longer govern alone, said it would hold a news conference at 12 p.m. (1000 GMT), but it is not expected to make an announcement about any coalition plans as it has yet to decide on its position.

A party spokesperson says top officials in South Africa’s African National Congress have had initial talks with representatives of five other parties over a coalition or agreement to form a government

South Africa’s African National Congress (ANC) party faces a mammoth challenge as it needs to form a government with its political rivals after suffering a seismic blow in last week’s election.

South Africa is in a moment of deep soul-searching after an election that brought a jarring split from the African National Congress party.

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