SA’s financial markets rode a wave of optimism about a global economic recovery from the Covid-19 pandemic on Wednesday, pushing the rand to its strongest level since before the country imposed its national lockdown, while banks surged to their biggest one-day gain in more than two decades.

The rand extended its recovery on Wednesday and broke through R17/$, while the JSE reached its strongest level since early March. Bond yields were at their lowest level in more than three months, signalling that SA’s debt is regaining favour despite a downgrade to junk and the prospects of a jump in government borrowing due to the deepest economic slump in a century.

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 Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now