Consumer-focused companies fared particularly well because Mboweni's budget speech contained no major tax increases, contrary to the predictions of many analysts.
Retailer Shoprite rose almost 10%, followed by lenders Standard Bank and Absa, up 7.94% and 7.41% respectively, and insurer Discovery, which rose 7.2%. Analysts have long cited rising public sector wages as a big threat to the country's stretched public finances.
At 1600 GMT, the rand traded at 15.1450 to the dollar, around 0.5% stronger on the day.