Ongoing

  1. ElectionsHot
  2. AIHot
  3. US mid-termsHeating up
NewsbriefSouth Africa, briefly.
JoburgJHB29°69%CTCT21°90%PretoriaPTA33°75%DurbanDBN30°20°

JSE surges and rand firms after Democratic midterm win

Published

Ongoing: US mid-terms Hot

The JSE All Share Index rose almost 5% by early afternoon on Thursday, as investors hoped for an end to the US-Iran war. Brent crude fell below $100 a barrel for the first time in two months.

The rand traded at about R16.40 to the dollar by early afternoon, after reaching R16.33 earlier on Thursday. It stood at R16.72 earlier in the week. Brent crude has dropped about 20% this week.

Naspers shares jumped almost 10%, driven by a rally in Tencent. Gold miners also gained: AngloGold rose 11%, while Gold Fields and Harmony each rose 9%. Gold rose 5% in two days to $4 100 an ounce.

Annabel Bishop, chief economist at Investec, said markets now expect a quicker end to the Middle East conflict, with Republicans stalled by gridlock. She said South Africa's place in AGOA may be renewed if supportive parties in the US push strongly for it.

Bishop also said the US may reconsider its aid to South Africa under the Democrats, especially HIV/AIDS funding. She said the new House and Senate leaders are unlikely to give AGOA and aid a high priority. Reports said investors sold AI infrastructure shares, expecting a Democratic crackdown on data centres and AI expansion.

Key facts

Who
Annabel Bishop (Investec chief economist); Investec (financial services firm employing Annabel Bishop); Naspers (company whose shares jumped almost 10%); Tencent (technology company whose rally drove Naspers shares)
What
The JSE All Share Index rose almost 5% by Thursday early afternoon and the rand strengthened against the dollar, as markets reacted to the Democratic win in the US midterm elections and hopes of an end to the US-Iran war. Brent crude fell below $100 a barrel for the first time in two months and dropped about 20% over the week.
When
5 November 2026
Where
South Africa, United States, Iran
Status
Reported

Related stories

Elections Hot

What you need to know

ActionSA's Kgadi Mogatusi is projected to win Ward 48 in Dobsonville, Soweto, the first time the ANC has lost that ward. The IEC said 15.9 million people voted in the local elections, and final results will come only after objections are dealt with, within seven days by law.

Early projections point to hung councils, with the CSIR projecting the DA to lead in Ekurhuleni, Joburg and Tshwane when 23% of Gauteng voting districts were declared. In KwaZulu-Natal, the MK Party led early counts, while the ANC chief whip Mdumiseni Ntuli said the party's showing is below its own expectations.

Earlier, the IEC said about 106 of more than 800 party complaints remained open, and it cannot declare final results before 5pm on Friday.

  1. DA wins outright control of four Western Cape councils
  2. NATJOINTS keeps security on high alert during vote count
  3. IEC weighs action after party tears up ballots in Northern Cape

See every update

AI Hot

What you need to know

Uber said that in its busiest week last quarter, only 4 people booked a ride through an AI agent, and Nothing plans to sell an AI-first device in December. Earlier, unnamed critics accused Accenture of publishing an AI report with wrongly attributed research and apparently non-existent case studies, while CrowdStrike announced a deal of nearly $500 million for two AI security startups.

Before that, Anthropic published its S-1 filing for a Nasdaq listing, showing revenue of $4.6bn in 2025, and said it would commit close to $900bn to AI infrastructure. The VAST AI investment scheme, which recruited South Africans on social media, went offline on 30 October after approved withdrawals did not arrive, according to a news investigation.

In South Africa, the CSIR asked partners on 28 October to build a network to counter AI-driven fake content before the coming elections.

  1. Only 4 people booked Uber rides through an AI agent
  2. Nothing plans to launch AI-first device next month
  3. Accenture faces accusations over AI report with false citations

See every update

US mid-terms Heating up

What you need to know

US Vice-President JD Vance said in a post on X that the Iran war was the reason Republicans lost the midterm elections, and he questioned whether it was worth the cost. Democrats won the Senate with a majority of at least 54-44 and gained at least 30 House seats, according to one count, and party leaders said they would rein in President Donald Trump.

Trump said the war was needed to stop Tehran getting a nuclear weapon, though he admitted it contributed to his party's losses. Earlier, projections showed Democrats winning both chambers on 3 November, and exit polls showed voters angry about high prices and the direction of the country.

Before the vote, US forces struck Qeshm Island in Iran, and Trump said a deal with Iran could happen while also threatening to resume strikes.

  1. JSE surges and rand firms after Democratic midterm win
  2. Vance blames Iran war for Republican midterm losses
  3. Democrats win US midterms and vow to check Trump

See every update