The JSE surged on Thursday, closing at a three-week high on strong risk-on sentiment, following the election of Cyril Ramaphosa as President, the day after Jacob Zuma finally quit. Risk-on trade dominated the market for most of the day, with banks the biggest beneficiaries. At one stage, in midday trade, the all share had jumped more than 4%, its biggest one-day gain in three years. Blue-chip stocks were sharply higher, with Bidvest gaining nearly 10% and Naspers 7%. Despite some property stocks gaining strongly, the property index struggled for most of the day, closing lower. Resilient lost 10% as the property group and other companies in its stable fell victim to a renewed sell-off. The rand reached a three-year best level of R11.5997 to the dollar before softening towards the JSE’s close. Zuma’s departure offered a new opportunity under a Ramaphosa administration to correct Zuma’s economic blunders, analysts said. "With the positive moves over the past few days, and the strong ma...
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