The Johannesburg Stock Exchange (JSE) reached unprecedented heights on Monday, with the All Share Index climbing past 85,000 points for the first time in history.

Foreign investors have poured an estimated R45 billion into South African equities over the past quarter alone, driven by improved economic fundamentals and a strengthening rand.

“We’re seeing a fundamental shift in how global investors view South Africa,” said Nomsa Dlamini, chief economist at First National Bank. “The combination of political stability, structural reforms, and commodity price strength is creating a perfect storm for investment.”

Mining stocks led the rally, with gold and platinum producers benefiting from sustained high commodity prices. Technology stocks also performed strongly, with several South African tech firms attracting significant international attention.

The rand strengthened to R14.50 against the US dollar, its strongest level in over three years.