He added: "That should give the ANC some latitude to re-engage with business and refocus on the South African economy, taking a harder stance with organized labor and pushing an economic and industrial policy focussed on driving the economy forward. Job creation is going to be absolutely critical."
The ANC's main opposition, the centrist Democratic Alliance, is trailing on 22.22 percent. However, one of the biggest surprises in the build-up to the elections was the rise of the Economic Freedom Fighters (EFF), a party formed by expelled ANC member Julius Malema last year.
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The EEF, which is under a year-old, clocked-up just over 6.3 percent of the votes. The party has called for the nationalization of the banking and mining sectors, promised to tackle high unemployment, and combat corruption.
The themes resonate with the new black aspiring middle-class in South Africa, according to analysts.
"Their message is one that is not so much targeting the poor, but a young working-class male voting population that feel they have benefited from growth in post-apartheid South Africa, but have not benefited enough," Christopher Vandome, Africa Programme research assistant at Chatham House, told CNBC in a phone interview.
"There is a young unemployed male franchise who are particularly drawn to this very nationalist economic rhetoric," he added.