The JSE surged as much 4% on Thursday, in its biggest intra-day rally in more than three years after Jacob Zuma bowed to pressure to step down as head of state.Four of SA’s banks — FirstRand, Standard Bank, Barclays Africa and Nedbank — added a combined R62bn in market value, with all of them reaching record highs.The rally was broad based, from resources to industrial stocks. Even big rand-hedge stocks gained despite a stronger currency.The rand powered to a three-year high to the dollar, providing a boon to locally focused companies, including retailers. The stronger currency brightens the outlook on inflation, which could open a window of opportunity for the Reserve Bank to cut interest rates once key event risks on the horizon have passed.These include the budget, which Finance Minister Malusi Gigaba is supposed to table in Parliament next week. Ratings agency Moody’s is set to conduct a ratings review on SA shortly thereafter."The good news in SA is now official and, as expecte...
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