FX.co ★ South African Stocks Hit All-Time High

The JSE index surged by 2.5% to approximately 115,716 on Thursday, marking a new record high and continuing its upward trajectory for the fourth straight session. This rally was primarily driven by gains in the precious metals and mining sectors, which rose by 3.6%. Additionally, the telecommunications sector saw a robust increase of 3%, while basic materials climbed by 2.8%. Investors responded favorably to South Africa's mid-term budget update, which featured a reduced inflation target and an enhanced fiscal outlook. Improved public finances might set the stage for a sovereign credit-rating assessment by S&P scheduled for Friday. An upgrade would be a significant achievement for the nation, likely bolstering investor confidence in its economic landscape and assets.