The JSE’s benchmark All Share Index (Alsi) jumped over 5% by 11am on Wednesday and the rand firmed over 2%, following overnight news of the ceasefire in the Iran war announced by US President Donald Trump.
Most international stock markets rebounded strongly, while the oil price plunged to around $95 a barrel with Trump and Iran saying the Strait of Hormuz will also reopen.
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Just after 11am, the JSE traded 5.7% stronger and back above the psychological 120 000-points mark for the first time since early March, after the Middle East conflict broke out.
Gold, platinum and silver also firmed on the news. On the JSE, the Resources Index spiked over 7%, while the Top 40 and Property indices jumped around 5%.
Impala Platinum, Valterra, Sibanye-Stillwater, Northam, Gold Fields and AngloGold led the jump in share prices, up between 8% and 13%. Other big gainers included Pepkor, TFG, Anglo American Plc and Redefine Properties.
With the plunge in the oil price, Sasol also plunged around 14%.
Coal miner Thungela Resources and cement producer Sephaku Holdings were amongst the biggest losers, also falling around 14%.
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