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South African equities rallied on Thursday, with the all-share index up 3.67% at the close after an intraday gain of 5%. Precious metals and mining stocks gained 4.27% as hopes of an earlier end to the Iran war and the Democratic midterm victory lifted metals and pushed oil and the dollar lower.
Expectations of an end to the Iran conflict are pulling crude and the dollar lower, which eases energy and freight costs for feed producers but mainly reflects broad financial-market sentiment rather than grain or feed supply.
businessday.co.zaLindiwe Tsobo, Mudiwa GavazaNov 5, 2026After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
