The JSE pushed to its best level in a fortnight on Tuesday, as banks raced to record highs, having added more that R100bn to their market caps in just two sessions. Other consumer-orientated shares gained substantially for the second day running after the country’s deputy president, Cyril Ramaphosa, was confirmed as the new ANC leader, removing the uncertainty that has kept a lid on stocks that depend heavily on the local economy. The all share was up 1.67% to 58,669.30 points at lunchtime, logging its biggest one-day gain since mid-July, as banking stocks surged 6.63%, in line with a stronger rand environment and falling bond yields. Despite being on a generally better footing, the rand was weaker against the dollar on the day, with the stronger environment putting pressure on big rand-hedge shares, such as Sasol and Bidcorp. Ramaphosa narrowly beat former AU Commission chair Nkosazana Dlamini-Zuma to succeed President Jacob Zuma‚ whose tenure has been dogged by controversy. The ma...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now