JOHANNESBURG - ⁠South Africa's stocks, government bonds and rand recovered ‌some ground on Wednesday after the previous day's steep selloff triggered ​by the conflict in the Middle East.

* At 1232 GMT, ​the rand traded ​at 16.3975 against the dollar , up about 0.9% from its previous close

* The Johannesburg ⁠Stock Exchange's All-Share index was last up around 1.5%

* The rand closed down about 2.5% on Tuesday, and the All-Share index dropped 5.5% in a ​global flight ‌to safety ⁠as Israeli and ⁠U.S. forces pounded targets across Iran, prompting Iranian retaliatory strikes around ​the Gulf

* Investec chief economist ‌Annabel Bishop said one reason for ⁠the rebound was that Gulf countries were discussing the option of responding to Iran's attacks

* Bishop said major oil producer Saudi Arabia was raising output and exports to help stabilise oil markets

* "These factors have lifted financial market sentiment somewhat, and lessened the perceived need for safe havens," she told ‌Reuters

* Another tailwind came from commodity prices, ⁠as key South African exports gold and ​platinum rose on global markets

* The benchmark 2035 South African government bond also rallied, with the yield down ​9.5 basis ‌points to 8.23%.