JOHANNESBURG (Reuters) – South Africa’s rand weakened on Tuesday amid volatile trade, after comments from the two largest parties in the unity government suggested a government announcement by President Cyril Ramaphosa was imminent.

At 12:20 GMT, the currency was 0.3% weaker at 18.16 per dollar, extending losses a day earlier.

Financial markets are eager to see what Ramaphosa’s novel cabinet will look like as it will be a good indication of how the African National Congress Party intends to share power with its biggest rival, the Democratic Alliance.

A total of 10 political parties joined the unity government after the ANC lost its parliamentary majority in last month’s elections for the first time since the end of apartheid three decades ago.

Asked whether a government announcement was imminent, senior member of the DA negotiating team Helen Zille told Reuters on Tuesday: “I think we’ll hear something in the next 24 hours.”

An ANC spokesman said the party had given its communications team about 24 to 36 hours to make the cabinet lineup public.

Ramaphosa’s spokesman declined to comment on the time frame given by the DA and ANC.

Local media, including news site News24, previously reported that negotiations between the ANC and DA were progressing and an agreement could be reached that would allow Ramaphosa to announce his director by Wednesday.

Commerzbank (ETR:) analysts said that investors are focusing on how many ministerial positions the pro-business DA will hold.

“The more and the older, the better (for markets),” they wrote in a research note.

On the Johannesburg Stock Exchange, the index of the largest Top-40 companies was about 0.7% weaker. The benchmark 2030 government bond was stronger as the yield fell 5 basis points to 9.805%.