South Africa Leads Rebound in Emerging Markets Hit By Iran Conflict

South Africa’s rand soared the most in nine years, government bond yields tumbled and stocks surged as investors piled back into emerging-market assets that were worst-hit by the Middle East conflict.

The rand had weakened most among emerging-market currencies since the start of the war through Tuesday, falling more than 5% against the dollar. On Wednesday, South Africa’s currency led gains as it strengthened 2.9% by 3 p.m. in Johannesburg, on track for its biggest daily advance since December 2017.