The JSE All Share tumbled 1.93% this week as the Reserve Bank delivered what everyone expected but nobody wanted: another interest rate hike. The index fell to 110,826, with the JSE Top 40 sliding 1.99% to 103,152. Mining and platinum shares bore the brunt—Impala Platinum fell 11.49% and Northam Platinum dropped 8.97%—because higher rates make borrowing costs sting and economic growth look shakier. There was a bright spot: Montauk Renewables surged 24.83%, suggesting the market still has an appetite for cleaner energy stories. But overall, it was the kind of week where most of your portfolio text you at 4 p.m. on a Friday with bad news.
The rand caught a small break, gaining 0.23% to 16.34 against the dollar as oil prices stabilized and markets digested the rate decision. That's the kind of relief that feels like a pyrrhic victory when interest rates are rising. Inflation surprised to the downside in August—cooler than expected—but wasn't quite cool enough to stop the Reserve Bank's hand. The tight vote at the Monetary Policy Committee hinted at internal debate, but the result was never really in doubt. For investors watching the macro picture, the equation remains unchanged: higher rates here, slowing growth, and the rand's reprieve likely temporary. Global tensions (the US war in Iran looming in headlines) add another layer of uncertainty, reminding us that our markets don't sit in a vacuum.
For retail investors, this week was a lesson in diversification and timing. While platinum miners got hammered, renewable energy and select retail plays like Grand Parade (up 11.80%) and Choppies (up 9.76%) found buyers. The biggest active stocks—Redefine Properties, Sibanye Stillwater, Pepkor—were mostly flat to negative, which is where a lot of your money probably lives. The message is clear: interest rate hikes filter through slowly but relentlessly. Debt-heavy companies and property funds feel it first. If you're holding cyclicals or yield plays, this is the week to stress-test your thesis. And if you're thinking about buying the dip in platinum? History suggests waiting for the third or fourth dip is usually wiser than the first.
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Reserve Bank hikes rates; inflation still front of mind
BusinessTech Finance
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Platinum miners stumble as higher rates weigh on growth outlook
Market reaction
🛒
Capitec Connect captures 43% of SA's MVNO market in four years
Daily Investor
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Rand finds footing as oil stabilizes; Iran tensions loom
BusinessTech Finance
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Renewable energy stocks defy gravity amid sector rotation
Market spotters
What's Ahead
26-30 September
Stats SA releases Producer Price Index; corporate earnings season kicks into high gear
1 October
Manufacturing PMI data; property fund dividend announcements expected
Later October
International crude prices and Eskom load shedding updates shape JSE direction
Number of the Week
43
The JSE All Share fell 1.93% this week to 110,826 as the Reserve Bank hiked rates and platinum miners collapsed. But interest rate decisions rarely play out in a single week; the real carnage comes when markets finally believe growth is toast.
Source: JSE data, week of 21-25 Sept 2026
Chart of the Week
Platinum's five-day freefall: mining at the mercy of rates
📊 View interactive chart on StockTalk
Impala Platinum dropped 11.49% and Northam Platinum fell 8.97% this week as rate hikes and slower growth expectations hammered the sector. The chart shows the divergence: while renewable energy stocks like Montauk Renewables soared 24.83%, traditional cyclicals got left behind. This is sector rotation in real time, and it matters because it tells you where the smart money thinks the economy is headed next.
Rate hikes hit platinum harder than load shedding hits a Wednesday afternoon; expect neither to get better soon.
This digest is for informational purposes only. Not investment advice. Past performance and sarcasm are both unreliable predictors of future returns.
Not FSCA licensed. Always do your own research.
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