Helen Zille Snorkels in Johannesburg Pothole as Markets Rally and Metros Face Economic Pressure
A video of Helen Zille snorkelling in a water-filled pothole in Douglasdale has gone viral, placing Johannesburg’s infrastructure failures back in the spotlight as new data shows strain on South Africa’s metropolitan economies, strong earnings at the Johannesburg Stock Exchange, and a broadly positive day on local financial markets.
The clip drew widespread reaction, highlighting ongoing service delivery concerns in Johannesburg at a time when new economic data warns that cities are under increasing pressure to sustain growth and employment.
Meanwhile, the JSE All Share Index closed higher, supported by gains in mining stocks as commodity prices rose and the rand strengthened slightly.
Markets: Resource stocks lift the JSE
The index traded between 112,470 and 114,314 during the session, with gains led by mining counters. The Resource 10 index rose 2.79%, while Financial 15 gained 0.95% and Industrials added 0.91%.
The Top 40 Tradeable index climbed 1.57%, with mid-cap and small-cap shares also posting modest increases. The SA Property index was the only major laggard, slipping 0.21%.
Among individual stocks, Sibanye Stillwater rose 4.61%, Harmony Gold gained 3.39%, and AngloGold Ashanti advanced 3.82%. Other notable gainers included Remgro and Mr Price Group, both up around 3%.
On the downside, Karooooo fell 0.45%, while Fortress REIT declined 3.78% and Thungela Resources dropped 3.98%.
Trading activity was dominated by mining stocks, with AngloGold Ashanti recording more than 21,000 trades valued at over R1.6 billion. Gold Fields and Impala Platinum were also among the most active counters.
Commodities and currency
Precious metals strengthened during the session, supporting mining shares. Gold rose to $4,570 per ounce, while platinum rose above $1,900 per ounce and silver rose to $73 per ounce. Palladium was also higher, up 1.12%.
In contrast, Brent crude oil declined 4.34% to $107 per barrel amid rising tension in the Gulf.
Globally, markets were mixed, with Japan’s Nikkei at 51,064, while the S&P 500 stood at 6,439 and the Dow Jones Industrial Average at 45,717.
Business: High pay at the JSE after record year
The Johannesburg Stock Exchange reported that its average employee earned more than R2 million in total remuneration in 2025, according to its latest remuneration report.
The median salary stood at R1.38 million, while the lowest-paid employee earned approximately R437,000. Outgoing CEO Leila Fourie received R45.3 million, largely driven by performance incentives.
The ratio between the highest- and lowest-paid employees stood at 103.84, above the company’s internal target. Other pay gap measures, including comparisons between top and bottom earners, also exceeded targets.
The remuneration figures follow a record financial year for the exchange. The JSE reported net profit after tax of R1.07 billion, up from R918 million in 2024, marking the first time it has surpassed the R1 billion mark.
Headline earnings per share rose 17.7% to 1,329 cents, while operating income increased 14.2% to R3.5 billion. Growth was driven by strong performance across capital markets, post-trade services, information services, and clearing operations.
The exchange also reported increased foreign investor participation, with non-resident equity ownership rising to 32.9% and net inflows into South African bonds reaching R122 billion.
Economy: Cities under pressure, report warns
South Africa’s metropolitan economies are facing mounting pressure as job creation slows and population growth accelerates, according to the Cities Economic Outlook 2026 report released on Tuesday.
The report, compiled by the National Treasury, the Human Sciences Research Council and academic institutions, found that metros remain central to economic activity but are struggling to sustain growth and absorb expanding populations.
Only Cape Town and Tshwane showed consistent resilience in job creation, while higher-value sectors such as manufacturing have stagnated. Employment growth has shifted toward less productive sectors and public services.
Nearly 40% of South Africans now live in metropolitan areas, with cities absorbing half of the country’s population growth over the past three decades. This has increased pressure on infrastructure, housing, and service delivery.
Duncan Pieterse, director-general of the National Treasury, said cities are central to economic growth and inclusion, warning that national growth will be constrained if urban centres fail to function effectively.
The report also highlighted the uneven recovery from the Covid-19 pandemic, with metros lagging behind non-metro areas in regaining jobs. Youth unemployment remains a significant concern.
It called for stronger coordination between government, state-owned entities, and the private sector, with a focus on infrastructure investment, industrial development, and spatial integration.
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