South African stocks surge after Zuma steps down

South African President Jacob Zuma addressed the nation on February 14, 2018, saying that he resigns 'with immediate effect'. / AFP PHOTO /

South Africa’s main stock index jumped more than three per cent in mid-morning deals yesterday.

This followed Jacob Zuma's resignation as president late on Wednesday, bringing an end to his nine scandal-plagued years in power during which growth stagnated.

By 0845 GMT, the benchmark JSE Top-40 index rose 3.7 per cent while the broader All-share index gained 3.5 per cent, as markets in Africa’s most sophisticated economy gained ground.