Banking stocks, financials and the property index hit record highs on Tuesday, with the rand holding on to Monday’s gains amid continued optimism over ANC president Cyril Ramaphosa. Financials, banks and retailers surged, the latter two posting their largest daily gains so far this year. Volumes were high, with almost R40bn in trades compared with the daily average of about R20bn. The ANC election result on Monday has seen the rand rally, but internal battles over the polls continue. The all share added 0.8% to 58,170.4 points and the top 40 0.47%. Banks gained 8.08%, general retailers 7.4% and financials 4.6%. Gold miners dropped 3.76%, resources 2.59% and platinums 2.47%.

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