The JSE index rallied as much as 2.5% to around 115,716 on Thursday, setting a fresh all-time high and extending gains for the fourth session, led by precious metals and mining (+3.6%). Telecommunications (+3%), buoyed by strong results from major companies, and basic materials (+2.8%) also advanced firmly. Meanwhile, investors reacted positively to South Africa's mid-term budget update that included a lower inflation target and improving fiscal outlook, boosting hopes for a potential S&P rating upgrade on Friday. Global optimism over the US reopening and expected Fed rate cuts further supported local markets.