The JSE's all-share index jumped 5% on Friday, with Capitec bouncing by almost 26% to R860. It started the week at R1,200. Capitec has blamed its crash on the weak rand and computer trading for the crash.
Banking shares were bolstered by liquidity measures introduced by the Reserve Bank on Friday, as well as new stimulus in major markets.
The rand strengthened 1.3% to R17.27, R20.37 for a pound and R18.54 for a euro.The gold price has jumped to almost $1 500/oz.
Some of the biggest winners included PSG (+22%), Mediclinic (+17%), Gold Fields (+15%) and Truworths (+15%). But Makro-owner Massmart was down almost 8% and MTN slumped 9% after announcing a sharp drop in the price of monthly data bundles.
Sasol dropped another 8% to R27.68.
The JSE got a lift from global market rallies, at the end of another exceptionally volatile week. Weary investors welcomed a worldwide fightback against coronavirus fallout by governments and central banks.
In the eurozone, markets jumped after the European Central Bank launched a vast stimulus this week, with Frankfurt, Paris, Milan and Madrid scoring gains of almost six percent nearing the half-way mark Friday.
London's stock market won about three percent one day after the Bank of England slashed interest rates to a record-low 0.1 percent and ahead of new UK state stimulus plans later Friday.
The dollar eased somewhat after a lengthy rally fuelled by traders cashing out of their investments, while the embattled oil market extended Thursday's gains.
"The stock markets' upside is a result of a number of big bazookas fired off by central banks," Scope Markets analyst James Hughes told AFP, before sounding a note of grim caution.
"The markets hate uncertainty - and we could not be in a more uncertain time," he added in reference to the COVID-19 pandemic that has killed more than 10,000 people around the world.
"So overall I feel markets may recover from here in the short term, but we must remember it has been a week where this crisis escalated in an immeasurable and unprecedented way. Who knows what next week has in store."
Coronavirus threatens to engulf the whole of Europe after it emerged Thursday that eurozone member Italy has overtaken China's death total -- and is now braced for an extended lockdown.
The ECB this week embarked upon a massive 750-billion-euro (R13 trillion) stimulus package designed to help virus-wracked economies, by buying extra government and corporate bonds.
On Thursday, US Senate Majority Leader Mitch McConnell presented a $1 trillion emergency relief package to combat the turmoil, with $1,200 cash handouts for individuals.
It also includes $208 billion in loans for companies hit by the crisis - $58 billion of it for the battered airline sector -- and $300 billion in small business loans.
The plan is the latest in a series of measures put forward by Washington and comes on top of Federal Reserve interest rate cuts and pledges worth hundreds of billions of dollars to provide liquidity to creaking financial markets.
European equities are set to end the week higher as they take stock of the rapidly-moving crisis, according to Spreadex analyst Connor Campbell.
"Though the markets have had an inconsistent, if not negative-skewed, relationship with the various acts of central bank and government stimulus since the coronavirus crisis took hold, it appears that the recent lows - combined with the latest announcements by the BoE and ECB - have tipped the scales," Campbell told AFP.
"Nothing is certain in this current climate however, and it would be a surprise to no-one if Europe's robust rebound entirely dissipates by the end of the session."
The dollar was meanwhile down against most other currencies after soaring over the past week owing to massive demand for the unit from dealers cashing out of investments.
The pound was up almost three percent, though it was still sitting around 35-year dollar lows, while the yen and euro also enjoyed strong buying.
In oil markets, Brent gained five percent and West Texas Intermediate nearly six percent, extending recent bumper gains after a directive from US President Donald Trump to top up the Strategic Petroleum Reserve to its maximum capacity by buying a total of 77 million barrels from US producers.
However, the market is still down more than 50 percent this year, rocked by virus-linked demand woes and the ongoing price war between producers Saudi Arabia and Russia.