Rand firms, JSE jumps 3% as world shares hit highest level in over a year

World stocks rallied to their highest levels in more than a year on Wednesday, while the US dollar hit a five-month low, as expectations mounted major central banks such as the Federal Reserve will start to cut interest rates early next year.

The jovial mood boosted the MSCI's gauge of stocks across the globe by 0.38% to a level not seen since October 2022.

The JSE's All-Share Index jumped 3% to 76 657 points on Wednesday. The index is now 2.8% higher than at the start of the year.