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Picture: THINKSTOCK

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THE African National Congress’s (ANC’s) early lead in preliminary election results was not surprising given the party’s ability to mobilise voters, said Standard Chartered head of Africa research Razia Khan.

But the lower voter registration for the "born-free" generation and the increase in support for political parties espousing different policies all highlighted the need for a more "growth-focused reform path".

Most economists and surveys had predicted that the ANC would win, but forecast a slightly lower margin than in previous elections given the emergence of newcomers including the Economic Freedom Fighters (EFF) and Agang SA.

In depth: Election 2014

Election poll 2014News, views and analysis of South Africa's national and provincial elections

Last month Nomura International emerging markets economist Peter Attard Montalto predicted the ANC would get about 59% of the vote with the possibility of a higher share, depending on urban turnout. Further, he predicted that the DA would get 26% with the likelihood of lower gains and the EFF getting 6.5%.

Capital Economics Africa economist Shilan Shah said on Thursday a comfortable victory for the ANC meant that there was likely to be a "lack of political will from within the party to push ahead with much-needed structural reform."

With elections concluded, investors — including buyers of local bonds and equities — would now look forward to Cabinet changes, if any. The portfolios they would take a keen interest in include economic development, trade and industry and the Treasury, economists said.

Further, eyes will be on whether or not the much-talked-about ministry for small and medium enterprises would be established.

Mr Montalto said such a department would "merely create more opportunity for regulation and over-planning" in the country. He expected Trade and Industry Minister Rob Davies to keep his position. T he Department of Economic Development might be "subsumed" into trade and industry, he said.

Further, credit rating agencies are monitoring the election as the outcome would have a bearing on policy implementation and government bond ratings.

Although Cabinet changes might only be known later this month, Barclays Africa economist Peter Worthington said the labour, energy and public enterprises portfolios would also be of interest.

Mr Montalto said the key post-election issues for investors would not only be the Cabinet formation but also the focus of the state of the nation address.

The newly-elected president is expected to deliver the address later this month.