Your Investments Are Expensive. The State Needs Them.

Overnight global mood

Wall Street closed mixed on Monday as traders sorted through fresh data on US inflation and employment. Asia is starting the week cautiously, with Chinese growth concerns still hanging over regional sentiment. Europe is waiting for fresh earnings and economic data before committing to direction. None of this screams urgency, which means the JSE can probably find its own way today without too much interference from overseas markets.

Today's big stories

• Capital Gains Tax pulled in R17.2 billion last year. The government collected this in revenue from CGT in FY2025, and investment professionals are rightly calling it what it is: a penalty on people who save and invest instead of spend. If you're wondering why retail investors feel pinched, this number tells part of the story. Read more.
• Eskom's breakup will cost R440 billion. The separation of South Africa's energy transmission grid from Eskom is underway, and private investment will need to fund much of the bill. This reshapes how we think about energy exposure on the JSE and opens new infrastructure investment angles worth watching. Read more.
• Laila Razack is one of the youngest women execs at a JSE-listed company. Meet the CFO of the R28 billion Equites Property Fund, who's making waves in a male-dominated space. A reminder that real estate fundamentals and leadership talent matter when you're picking property stocks. Read more.
• Johannesburg and Cape Town property markets are worlds apart. Where you live shapes your buying power. Johannesburg and Cape Town are diverging on affordability, rental yields, and growth prospects; retail property investors need to know which city suits their strategy. Read more.

Sector watch

Property is the day's quiet winner. Equites and the broader JSE property sector are in focus on the back of leadership insights and the diverging city-by-city market narratives. Utilities and infrastructure stocks should track Eskom's breakup plans closely, as the R440 billion separation unlocks new opportunities for private energy and grid companies. Energy costs remain a headwind for industrials, but if transmission gets fixed, that narrative shifts. Watch how retail investors react to the CGT news on their holdings across all sectors today.

One thing to watch

Equites (EQTZ) opens the conversation on JSE property leadership and execution. The fund's CFO is a rising star, the R28 billion portfolio is substantial, and market sentiment on property funds will matter today. If retail investors are feeling investment fatigue from the CGT hit, property yields become more attractive relative to bonds. Watch the volume.