South African stocks surge after Zuma steps down

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

The Johannesburg Stock Exchange. Picture: The JSE Group Facebook page

JOHANNESBURG - South Africa’s main stock index jumped more than 3% in mid morning deals on Thursday after Jacob Zuma resigned 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% while the broader All-share index gained 3.5%, as markets in Africa’s most sophisticated economy gained ground in the wake of Zuma’s departure.