JSE All Share Index

honestly if we break above 92k properly the whole sentiment shifts. been stuck in this range forever but the big cap stocks are finally getting some buying interest again. rand's been a bit better lately too which helps everything. might finally get some real momentum instead of this sideways nonsense.

rand's been getting hammered so anything dollar-denominated on the JSE looks better on paper. but if you're holding locals, the index is mostly financials and resources, both hostage to load-shedding and global rates. nah, not convinced yet.

do you think the rand weakness is actually helping the alsi or just masking how bad domestic earnings are. exporters do well but the rest get crushed by input costs, hard to see how this holds up if the currency keeps sliding.

been tracking the rand weakness against majors and how that's been lifting the big cap exporters on the index. thing is, if the fed keeps rates higher for longer, emerging markets like ours don't really have much of a tailwind. looking at the earnings revisions coming through though, some of the resource stocks are actually holding up better than expected given the commodity environment. my reading of this is the all share probably finds support around 80k but we need to see if domestic demand can pick up without the rand getting absolutely hammered.