A surge in the JSE saw local banks benefit most on Thursday, courtesy of the swearing-in of Cyril Ramaphosa as president. The all share experienced its biggest intraday rally in more than three years in what verged on euphoric trade at times. The rand strengthened to a day’s best of R11.59 to the dollar, a level last seen in February 2015. After rising more than 4% at one stage, the all share closed 3.72% higher at 59,533.10 points, the biggest one-day gain since December 2014, in the first day of trade after the resignation of Jacob Zuma. The banking index rose 5.78% and general retailers 4.17%. Local banks were the main gainers, as an inflow of foreign money boosted the sector. Shares in all the four big banks reached record highs during the day. Overall gains were broadly-based, with rand hedges and miners also rising despite the rand’s good gains. The currency is now up about 6% to the dollar so far in 2018. Financials and platinum stocks rose more than 3%. Analysts described th...

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