Bank of America’s South Africa strategist John Morris said the JSE is sitting in a “sweet spot” as metals prices climb and the rand firmed. The FTSE/JSE Africa All Share Index hit a fresh all‑time high on Monday, buoyed by gold and silver gains after the US and Israel struck Iran.

The benchmark has risen 44% over the past twelve months, marking the longest uninterrupted rally since records began in 1995. Mining stocks have led the charge, with gold up 86% and platinum soaring 146% year‑to‑date. Morris expects the commodity cycle to sustain markets for another 12‑15 months, echoing a 1970s‑style resource boom.

The rand, up roughly 15% against the dollar this year, is viewed as undervalued and could push bond yields lower, bolstering banks and industrial firms. Morris notes the latest budget reinforces investment case for local assets, even as overall economic growth stays modest and reforms proceed incrementally.

While the pace may temper after this year’s outsized gains, Morris believes the index still has upside, with financial and industrial shares poised to catch up to miners. He cautions that setbacks are possible, but the combination of strong commodities and a firmer rand keeps South Africa’s equity market on a higher trajectory.