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Hello StockTalkers,
The JSE All Share and Top 40 both dipped this week, down 1.22% and 1.27% respectively, but that headline miss the real drama unfolding beneath. Montauk Renewables (MKR) shot up 28.70%, Oando (OAO) jumped 25.00%, and Calgro M3 (CGR) gained 19.70% as energy and construction sectors found tailwinds. Meanwhile, Europa Metals (EUZ) crashed 27.27%, Huge Group (HUG) fell 16.52%, and Gemfields (GML) dropped 15.07%, suggesting the market is still ruthlessly sorting winners from stragglers. The bigger story: selective strength in pockets while broad indices treaded water. That is the JSE in 2026 — volatile sideways with occasional violent moves in single stocks. The rand had its best week in months, appreciating 1.11% against the dollar to close at 15.94. Goldman Sachs just floated the idea that South Africa could return to investment-grade status, giving the currency a rare genuinely positive narrative rather than the usual fear-driven volatility. But the joy is conditional. The US-Iran conflict is heating up again, pushing oil and diesel prices higher, which means inflation pressure and almost certainly more interest rate hikes from the SARB. The Hormuz Strait sitting as the world's petrol bottleneck has a way of concentrating minds on inflation everywhere. So yes, the rand is holding firm, but Eskom's fuel bills, your electricity tariffs, and mortgage rates are all queuing up for a reckoning. For the retail investor, this week served up a cautionary tale in two dishes. On one plate: the gains were spectacular and narrowly concentrated. Renewables, energy plays, construction stocks. If you owned MKR or OAO, you are buying coffees feeling like a genius. If you owned EUZ or HUG, you are trying to remember why you bought a tiny illiquid stock in the first place. On the other plate: the JSE overall went backwards while your daily news feed screamed about investment-grade comebacks and rand strength. That disconnect matters. It means the big institutional money is still rotating cautiously, and most of your portfolio tracking the All Share is probably underperforming the narrative. The takeaway. Broad index returns are thin right now. Stock-picking matters, or at least active rebalancing does. But picking winners requires far more homework than checking a three-day price chart.
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This Week's Movers
Energy and Construction Surge While Metals Stumble
Renewable energy and commodities were the week's unlikely stars. Montauk Renewables rocketed 28.70%, while Northam Platinum (NPH) climbed a solid 10.29% as platinum benefited from cyclical tailwinds. Construction play Calgro M3 gained 19.70%, hinting at infrastructure confidence. On the flip side, metals and discretionary retail got hammered. Europa Metals collapsed 27.27%, Vunani (VUN) fell 16.00%, and Accelerate Property Fund (APF) dropped 13.64%, reflecting persistent sector rotation away from commodities and toward inflation-resistant or growth-adjacent plays. Most active stocks like LAB and PPH showed almost no movement, suggesting the week's action was concentrated rather than broad.
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