The JSE extended the month’s gains on Friday to close at a record high, driven primarily by strong performances in commodity-linked shares.
The all share index gained 0.21%, closing at 100,855 points. Over the past month, the index has climbed 3.7% and is up almost 25% so far this year.
Friday’s rally was largely driven by mining companies such as Sibanye-Stillwater, Gold Fields and Impala Platinum (Implats), which have benefited from sustained demand for gold and platinum. Demand for gold has been supported by safe-haven buying amid geopolitical tensions and steady central bank purchases.
US President Donald Trump’s axing of tax credits for electric vehicles is seen as favourable for platinum, since many traditional vehicles are fitted with catalytic converters that contain the metal.
Sibanye closed 3.76% higher at R40.03, marking a year-to-date gain of 167.22%. Gold Fields ended the day up 0.71% at R557.91, with a 91.85% increase for the year so far. Implats added 1.13% to close at R175.73, delivering a year-to-date return of 113.01%.
Bianca Botes, director at Citadel Global, said the JSE’s gains were supported by a mix of stronger global risk appetite and sector-specific resilience.
“Local market environment, buoyed by international developments, including US equity futures firming on semiconductor tariff news and solid European corporate earnings, has helped the stock market,” Botes said. “Still, sentiment remains fragile amid looming steep US tariffs on SA exports,” she said.
The rand was little changed at R17.74/$, holding firmly below the R18/$ mark, helped by a softer dollar and hopes for interest rate cuts by the US Federal Reserve.
Commodity markets showed mixed signals, with Brent crude hovering near $66 a barrel and recording its worst week since late June as optimism over a potential summit between Trump and Russian President Vladimir Putin eased supply concerns.
Botes said sanctions on Indian oil imports from Russia and hints of broader tariffs on Chinese goods kept trade risks alive, while expectations of increased Opec output and slower demand growth weighed on prices.
Gold eased but remained on track for a second consecutive weekly gain. “Support came from a softer US economic outlook, tariff-related uncertainty and ongoing central bank purchases, including China’s ninth straight month of buying,” Botes said. “New US import duties on gold bars have tightened supply prospects, adding a modicum of support to prices.”
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