Mining Stocks Power JSE Higher as Retail Woes Deepen and Diplomatic Ties Shift
The Johannesburg Stock Exchange extended its rally on Monday, with mining counters surging and pushing the broader market to new highs, even as retail shares slumped and diplomatic tensions between Pretoria and Washington remained in focus. The benchmark FTSE/JSE All Share Index closed 1.65% higher at 125,052, gaining 2,030 points and taking its year-to-date advance to nearly 20%.
The session underscored a widening divide in the local market: resource shares continued to benefit from the sustained rise in gold prices, while consumer-facing stocks struggled under margin pressure and subdued spending. At the same time, developments in the retail sector and diplomatic arena added to a busy news cycle for investors.
Gold Counters Dominate as Resources Rally
The gains on the JSE were concentrated in mining stocks. The FTSE/JSE Resource 10 Index jumped 4.22%, sharply outperforming industrial and financial shares.
Precious metals producers led the advance as the international gold price climbed 2% to $5,208 an ounce. Bullion has risen more than 50% so far this year, prompting renewed flows into gold producers listed in Johannesburg. In rand terms, gold increased 1.8% to above R83,400 an ounce, supported by both the higher dollar price and a relatively stable currency.
Among the strongest performers was AngloGold Ashanti, which surged 7.3% to R1,921.80, marking a fresh 52-week high. Harmony Gold gained 5.7%, while Impala Platinum rose 5.15%. Gold Fields added 4.42%.
Trading volumes in these counters were elevated, indicating broad participation in the rally. The strength of the move in resource shares offset more modest gains elsewhere on the market.
Industrials and Financials Lag
Outside the mining sector, gains were limited. The FTSE/JSE Industrial 25 Index edged up 0.55%, while the FTSE/JSE Financial 15 Index rose 0.08%.
Heavyweights including BHP Group, Naspers and Prosus closed firmer, but their advances were not sufficient to match the performance of the resources complex.
The rand strengthened modestly against the US dollar, with USD/ZAR trading at 16.02, up 0.20% on the day. A firmer currency can temper earnings for exporters, although the rise in gold prices more than compensated for currency effects in the case of precious metals producers.
Globally, major equity markets remained elevated. The S&P 500 traded near record territory, while Japan’s Nikkei remained above 56,000. Cryptocurrency markets moved lower, with Bitcoin declining more than 4% on the day.
Spar Shares Slide After CEO Resignation
In contrast to the strength in mining stocks, retail counters came under pressure, led by a sharp decline in The Spar Group.
Spar shares fell more than 9% on Monday to R76.22, extending losses from Friday after outgoing chief executive Angelo Swartz announced his resignation. The stock had already closed 7% lower at R83.89 at the end of last week following the announcement.
Swartz, who was appointed CEO in October 2023, will leave at the end of February after nearly two decades with the group. He said the process of resetting the business had been complex and that he would prioritise his family after what he described as a demanding period. He will remain available for three months to support the leadership transition and ongoing strategic initiatives.
The company reported that wholesale turnover in Southern Africa increased by 0.9% year-on-year for the 18 weeks ended 30 January 2026. Retail sales in South Africa, excluding neighbouring regions, rose 1.9% year-on-year and 2.25% on a like-for-like basis.
The company said that intensified promotional activity, including Black Friday campaigns, supported topline growth but weighed on gross profit margins. It cited a competitive market environment, low food inflation, and deflation in key categories as contributing factors.
Elsewhere in the sector, shares in Dis-Chem Pharmacies, Clicks Group, and MTN Group closed weaker, reflecting broader pressure on domestically exposed stocks.
Skukuza Airport Draws Global Attention
Away from the markets, Skukuza Airport, located within the Kruger National Park, has been named the most beautiful airport in the world by Forbes.
The airport, which first opened in 1959 and was reopened just over a decade ago, operates as a public-private partnership between SANParks and the Skukuza Airport Management Company. Shareholders include Lion Sands, Federal Air, and Airlink.
Airlink offers direct flights from Johannesburg, Durban, and Cape Town. The airport operates between 09:00 and 15:00, handling up to 20 flights per day.
Forbes described the airport as departing from traditional terminal design, with thatched roofing, wooden finishes, and views of the surrounding bushveld. Facilities include car rental services, a gift shop, and a café. Passengers arriving by air pay a conservation fee on entry to the park.
Recent heavy rainfall and flooding in parts of the Kruger National Park damaged infrastructure, although the airport and its runway were reported to be in good condition.
US Ambassador Presents Credentials
In diplomatic developments, US President Donald Trump’s nominee for ambassador to South Africa, Leo Brent Bozell III, presented his credentials to South African officials on Monday.
South Africa’s Department of International Relations and Cooperation said Bozell handed his letters of credence to Deputy Director-General Clayson Monyela.
Bozell’s arrival comes amid strained relations between Washington and Pretoria. The US administration has criticised South Africa’s foreign policy positions and trade stance, while South African authorities have rejected allegations that the country persecutes its white minority.
During his Senate confirmation hearing in October, Bozell said he would approach the ambassadorship with respect for the South African people and expressed hope for a lasting partnership despite areas of disagreement.
South Africa has not had an ambassador in Washington since its previous envoy was expelled during the Trump administration.
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