JSE shrugs off rate woes; Top 40 up 1.42%
StockTalk Automated Briefing
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Markets found their feet on Thursday despite whispers of rate hikes ahead, with the Top 40 climbing into the green and the usual suspects reshuffling the deck.
The scoreboard
The JSE closed the week with a modest but meaningful rally, the Top 40 index rising 1.42% as investors rotated into recovery plays and away from the usual suspects. Volume flowed through the heavyweights. KAP, SSW, PPH, RDF, and OMU all moved significant stock. Not quite a stampede, but enough to suggest retail and institutional money were both paying attention.
Winners of the day
| Stock | Move |
|---|---|
| Calgro M3 HLDGS LTD (CGR) Calgro's 11% pop suggests someone believes the housing market is ready to surprise us all. |
+11.27% |
| Impala Platinum Hlgs LTD (IMP) Impala Platinum rallied as if platinum prices suddenly remembered they have value. |
+9.04% |
| Aspen Pharmacare HLDGS LTD (APN) Aspen Pharmacare proved pharma can still move when the wind is right. |
+6.51% |
| Montauk Renewables INC (MKR) Montauk Renewables climbed as load shedding continues its unwanted residency in our lives. |
+6.50% |
| South Ocean Holdings LTD (SOH) South Ocean Holdings rose on what appears to be cautious optimism and retail curiosity. |
+6.38% |
Losers of the day
| Stock | Move |
|---|---|
| Arcelormittal SA Limited (ACL) ArcelorMittal slumped as steel's global funk persists despite local demand hopes. |
-5.33% |
| Rainbow Chicken Limited (RBO) Rainbow Chicken got pecked, profit-taking on a stock that had done well lately. |
-5.26% |
| Rand Merchant Inv HLDGS LTD (RMI) Rand Merchant Investments retreated as investors reconsidered financial sector exposure. |
-5.17% |
| Accelerate Prop Fund LTD (APF) Accelerate Property Fund hit the brakes as rate hike chatter spooks property plays. |
-5.00% |
| Choppies Enterprises LTD (CHP) Choppies Enterprises crumbled as retail sentiment turned south faster than expected. |
-4.76% |
Why it happened
The day's narrative split into two: interest rates on the rise again, and renewable energy back in focus as Eskom's woes show no sign of easing. Rate hikes typically flatten property, retail, and discretionary stocks. That showed up in APF, CHP, and RBO today. But the flip side is that rate anxiety breeds rotation into hard assets and inflation-resistant plays. Platinum, renewables, and construction stocks caught the bid. Pharmaceutical too, perhaps on the back of the super bank news which hints at the financial sector recalibrating.
JPMorgan joining A2X ahead of Capitec's listing injected confidence into the fintech and banking narrative. The protest action story (12 buses burnt annually?) is dark context for investors watching transport and logistics plays, which may explain some of the nervousness in broader consumer stocks. The rand's mood swings and diesel prices have been oil on troubled waters all week. Today felt like a mild reset.
What to watch tomorrow
- The SARB's forward guidance on rates. Inflation is stickier than expected, and diesel weakness could reignite the transport cost spiral. Watch for any signal that another hike is coming or if the hiking cycle is pausing.
- Capitec's listing details and pricing on A2X. JPMorgan's involvement raises the profile and could set tone for fintech and banking sentiment into month-end. Keep an eye on how retail brokerages handle the listing demand.
Join the post-market debrief →
Markets rallied on the old rule: when everything feels terrible, something always rallies. See you next week.
Not financial advice. Just an honest look at what happened. Invest at your own peril.
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