JSE edges up 0.36% as metals shine, retail stumbles
StockTalk Editorial
A modest green close for the JSE, propped up by a couple of stellar commodity plays while retail tried its best not to embarrass itself.
The scoreboard
The Top 40 managed a grudging +0.36% finish on Monday, with strength in metals offsetting weakness across retail and renewables. Volume flowed through the financials as always; OMU, FSR and PPH kept the tape busy while the real excitement happened in the mid-caps. It wasn't a roaring Monday, but after 18 months of load shedding doom-scrolling, investors took the win and moved on.
Winners of the day
| Stock | Move |
|---|---|
| Hulamin LTD (HLM) Hulamin punches above its weight with a 15% surge; must've got word that someone actually needs aluminium again. |
+15.79% |
| Anglogold Ashanti PLC (ANG) Anglogold catches the gold bug: up 8.5% on a day when everything that glitters is getting a second look. |
+8.58% |
| Novus Holdings Limited (NVS) Novus Holdings rides the fintech wave; turns out people still want their money managed, even in load shedding season. |
+7.90% |
| Purple Group LTD (PPE) Purple Group rebounds nearly 5%; investors discovering that fashion retail has a pulse after all. |
+4.57% |
| Huge Group LTD (HUG) Huge Group creeps up 4.5%; a rare victory for the mid-caps that wasn't about mining or metals. |
+4.55% |
Losers of the day
| Stock | Move |
|---|---|
| South Ocean Holdings LTD (SOH) South Ocean Holdings tanks 16.7%; apparently being in hospitality during a load shedding crisis is not a growth position. |
-16.67% |
| Montauk Renewables INC (MKR) Montauk Renewables plummets 10.5%; renewable energy's darling status dims when macro sentiment shifts. |
-10.48% |
| Lesaka Technologies INC (LSK) Lesaka Technologies dives 7%; fintech meets FX headwinds, and the result isn't pretty. |
-7.06% |
| Brimstone Inv CORP LTD-N (BRN) Brimstone Inv falls 6.6%; diversification into brick-and-mortar wasn't the hedge investors hoped for. |
-6.61% |
| The Spar Group LTD (SPP) Spar Group slips 6.4%; even grocery retail can't find a discount on a Monday like this. |
-6.37% |
Why it happened
Global tech weakness dragged emerging market equities lower across the board, but the rand caught a break from falling oil prices—that gave local miners breathing room. Hulamin and Anglogold took the cue and ran with it, as commodity optimism pushed former darlings back into favour. Meanwhile, crypto regulation chatter got priced in as noise; retail stocks wore the weight of macro caution instead.
The real divide was between inflation hedges and consumer discretionary. Metals and fintech benefited from the 'at least it's not falling further' mood, while retail caught the backhand. Spar and Clicks-adjacent plays took a hit as the Shoprite narrative shifted—turns out there's always a bigger fish in grocery, and investors remembered it today. Renewable energy also folded as sentiment turned cautious on capex-heavy stories.
What to watch tomorrow
- Watch the rand on Tuesday morning; if it stays perky against the dollar, metals will likely hold their gains and retail will stay under pressure.
- Keep an eye on the crypto regulation detail from BusinessTech—South Africa's rulebook could move fintech stocks if there's any clarity on compliance costs.
Join the post-market debrief →
Half a percent up is a win you don't have to think too hard about. Enjoy it while it lasts.
Not financial advice. Just an honest look at what happened. Invest at your own peril.
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