TOP of the best and the worst stocks on the JSE in September 2026

The best stocks to invest in South Africa for September 2026

September transformed almost every aspect of the South African stock market: new favorites and trends emerged, while former leaders found themselves among the laggards. While these shifts came as a surprise to many, some were entirely predictable.

What changed compared to August? The rules of the game were altered by new factors: a weakening rand, a strengthening dollar, interest rate hikes in both South Africa and the US, and falling precious metal prices. All of this triggered sharp market movements that caught some investors off guard. In this review, we analyze the three best-performing stocks of September and the three worst investments made during the period.

Stock #1 to invest in September 2026: Stadio Holdings (SDO): +25,44%.

Amid rising fuel prices, uncertainty regarding interest rates, geopolitical risks, and the relentless climb of oil prices, investors have sought to move away from highly vulnerable assets in favor of those less sensitive to market sentiment, specifically, sectors like finance, mining, and the volatile energy industry. One such asset is the private education network Stadio Holdings (JSE: SDO). The company recently released an impressive financial report showing growth in demand for educational services, student enrollment, and profits.

Another contributing factor was the company's inclusion in the All Share Index, which brought it to the attention of a wider pool of investors. With the company's stock rising 56% over the past year, this surge of interest cannot be dismissed as a mere fluke or speculation; Stadio Holdings' success is backed by tangible growth figures. Higher education is known for its high costs and represents a high-margin product that remains in demand regardless of the economic climate.

Stadio Holdings stocks on JSE, September 2026

The chart shows that Stadio Holdings shares underwent a prolonged period of consolidation, struggled to recover from an early-year slump, and finally broke through to new levels in September. Technical analysis indicators continue to signal a "buy." In early October, the price pulled back from its high and is currently awaiting new catalysts.

Stock to invest in September #2. Afrimat (AFT): +22.65%

This iron ore mining company, whose stock price fell in September alongside other commodities (with the exception of oil) is facing what management describes as its most challenging period in two decades. However, such pessimistic assessments did not deter investors from buying Afrimat (JSE: AFT) shares, viewing the stock as a top asset - second only to the company mentioned earlier. It appears the share price reached a level where it became an irresistible "discount" opportunity.

The company's shares bottomed out and found support in September - the company's best month of 2026. However, it wasn't just about confidence and future expectations; the bulk of the September gains occurred on the 21st and 22nd, with increases of 5.65% and 8.42%, respectively. On September 21, the quarterly Afrimat Construction Index was released, showing a 5% rise compared to the previous quarter. The company reported volume growth driven by repairs to railways, roads, and water infrastructure, as well as renewable energy projects.

Afrimat stocks on JSE in September 2026

While the chart shows signs of a trend reversal following the low, this could also be interpreted as a strong price correction after a significant decline; consequently, buying shares today carries the risk of a continued downward trend. On the other hand, purchasing Afrimat shares offers the potential for a major rally, and even without that, you can still count on receiving dividends. Furthermore, technical indicators and analysts remain optimistic about Afrimat stock. Ultimately, you must decide whether the risk is worth it based on your investment goal - whether you are looking for long-term dividend income or engaging in speculative short-term trading in hopes of a rally.

Stock #3 to invest in September 2026. Sasol (SOL): +17,26%

This is arguably the most predictable stock in the ranking. The oil price rally driven by tensions in the Strait of Hormuz was clearly foreseeable, and there are no signs of a geopolitical resolution in the near future.

Sasol’s success story has been unfolding since the start of September. On the 1st, the company released a strong report showing growth across all key metrics, and on the 9th, Bank of America upgraded the stock from "Neutral" to "Buy," raising its price target from R200 to R270. Investors are optimistic about debt reduction and the resumption of dividend payments. The absence of which has caused the stock to trade at a discount.

Sasol stocks on JSE in September 2026

The chart shows a classic uptrend with no signs of reversal or price correction; consequently, Sasol shares which have frequently appeared in our top rankings this year are well-positioned to be the best-performing asset not just for September, but for the entire year. This is not merely speculation on our part, but a reflection of the actual situation: the stock has risen 119.4% over the past year, and technical indicators along with the aforementioned Bank of America upgrade, confirm our view.

Thus, September’s list of top performers features a company that no one would have expected to emerge as the most successful defensive asset for investors that month.

Such a scenario would have been surprising even in the US stock market, where a company of this type might easily have been overshadowed by the dominant technology, banking, and industrial sectors. It is rare for a service-sector firm to reach the level of a stock exchange listing; indeed, in the conservative South African market, Stadio Holdings could easily have remained an obscure, niche asset amidst the prevailing mining and financial sectors. However, challenging times call for unconventional approaches and alternative defensive assets - a role that Stadio Holdings shares came to fill. As for the other top performers, their positions were relatively predictable, although one might have expected shares of Afrimat, a company grappling with hard times and profitability issues, to appear at the other end of the rankings, which we are turning to now.

The worst stocks in South Africa to invest in September 2026

So, which were the worst stocks to buy in September? Which companies disappointed investors and dragged them into the red? Was it speculative, fly-by-night ventures carrying a "we warned you, so don't complain now" level of risk, or lumbering giants that failed to adapt to new market conditions and posted losses? Let’s find out right now.

The worst stock to invest #1 on the JSE in September 2026. Gold Fields (GFI): -19,56%

A month ago, things looked excellent for Gold Fields (JSE: GFI): it was a promising defensive asset linked to gold and its extraction. The price chart suggested a trend reversal and while the price wasn't at its peak, it turned out to be a price correction rather than a trend reversal, a correction that concluded in September. That month, the mining sector came under pressure amidst a sell-off and falling gold prices. The company itself faced negative factors, specifically, the collapse of acquisition talks with Northern Star and a technical dividend gap. Although investors are at least receiving decent dividends from the gold mining operations. However, if you were banking on a rally, you will have to wait.

Gold Fields stocks on the JSE in September 2026

On the chart, the situation resembles a downtrend. While we might see new lows, the stock is currently in oversold territory, signaling the likelihood of a price correction. Analysts remain optimistic about Gold Fields, yet technical indicators continue to signal a "sell." If you buy Gold Fields shares today, you can certainly count on future dividends, but be prepared for a drawdown, meaning the shares could trade below your purchase price for an indefinite period that cannot currently be predicted.

2. The worst stock to invest #2 on the JSE in September 2026. Impala Platinum (IMP): −16,78%

A similar situation applies to platinum mining companies. Platinum prices fell by approximately 11% in September. On September 9, the WPIC revised its 2026 forecast for the platinum market from a deficit to a surplus, primarily due to weakening investment demand. This inevitably triggered a sell-off in platinum mining stocks, not to mention the technical price drop following dividend payouts.

Impala Platinum stocks on the JSE in September 2026

The chart shows a promising start to September and the prospect of an upward rally; however, the movement was limited to a price correction, and the downward trend persists. Technical analysis points to a continued decline, yet analysts remain optimistic, viewing the stock as a sound long-term buy. Their reasoning is clear: the lower the share price, the greater the growth potential. If you share this view, you know what to do.

The worst stock #3 on the JSE in September 2026. Northam Platinum (NPH): −13,07%

Another platinum producer rounds out the top three, having fallen by just 13% in a single month. Whether that is a significant drop for one month is for you to decide, but one thing is certain: this company proved more stable than the previous two. Beyond the negative external backdrop, the stock faced pressure due to the failure of talks regarding the acquisition of a competitor. Shares initially rose on rumors, only for the market to be disappointed when Northam Platinum (JSE: NPH) officially denied that any such negotiations had even taken place. It is a classic scenario: a stock climbs on rumors and speculation, then crashes back to reality.

Northam Platinum stocks on JSE in September 2026

Companies with similar profiles in the rankings show similar charts. Various corporate events did not fundamentally alter the trajectory compared to Impala Platinum; we continue to see a price correction rather than a trend reversal, with the September decline marking a continuation of the downward trend.

Thus, the list of the worst stocks features companies that were yesterday’s stars - firms that impressed us in August with their performance and share price growth. Unlike the leaders of September, this list of underperformers is uniform, consisting entirely of companies from the mining sector, specifically those involved in gold or platinum extraction.

The good news for investors is that part of the decline is technical in nature, implying greater upside potential. Investors who bought these stocks in September cannot be considered unlucky; they still hold an attractive asset with significant growth potential and can also count on dividends. They would only face actual losses if forced to sell their entire holdings immediately. The mining sector's poor performance in September was driven by an unfavorable external environment rather than internal company issues: a crucial point to remember. Holders of these assets may simply need to wait a little longer to see their investments reach a much more favorable price point.