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Davids' goal brought an end to a four-match winless run of form, which saw the Urban Warriors suffering a dismal month of March, in which they failed to win a single game, with their last victory dating back to February 28.
Since that win over Polokwane City in Cape Town, Ajax went down to Kaizer Chiefs and Mpumalanga Black Aces, while holding Free State Stars and Tuks to draws, before breaking a poor run of results with a victory on Friday.
Three points were enough to see Ajax climb up to 10th position, leapfrogging Swallows in the process and earning vital points which could prove the difference come the end of the league campaign.
Despite numerous attempts from either side, wasteful finishing resulted in a dull affair in Soweto, as the teams seemingly settled for a share of the points, until Davids' late heroics, much to the despair of the home supporters.
Swallows skipper Lefa Tsutsulupa provided the first chance when he connected a delivery into the box, following Felix Obada's chested lay-up in the 11th minutes, but flashed wide of the mark as Ajax found themselves on the back foot early on.
Toriq Losper replied with an opportunity for Ajax on the half-hour mark, but the crafty midfielder pushed his header wide of the mark when he should have tested Swallows goalkeeper Greg Etafia.
The hosts were in the ascendancy and saw chances fall to Siyabonga Nomvethe and Obada late in the first half, but the visitors managed to hold on and went into the half-time break on level terms.
The pair traded blows as the second stanza entered its latter stages, with Eleazar Rodgers and Nomvethe again in the thick of the action, neither, however, was able to trouble the goalkeepers.
With little in the way of action for the Birds' front men, the home side were left frustrated when Gilbert Mapemba's shout for a penalty was turned down and waved away, after the defender was brought down, off the ball, inside the Ajax area in the 73rd minute.
Nomvethe saw the best chance of the game go agonisingly wide as he failed to round Ajax shot-stopper Anssi Jaakkola, after being put through on goal and finding himself with only the keeper to beat.
But with the last attacking play of the match, well into additional time, Davids cropped up with a poorly-hit free-kick, which took a nasty touch en route to beating Etafia in goal, handing the visitors a smash-and-grab victory that will go a long way in helping them survive relegation at the end of the season.
