JSE Rallies on Mining Surge as Retail Growth, Bank Tech Push and SIU Probe Shape the Backdrop
The FTSE/JSE All Share Index closed firmly higher at the end of last week, rising 2.13% to 121,249 as a strong rally in mining shares lifted the market. Gains in platinum and gold counters drove most of the advance, offsetting losses in energy stocks and pushing the index to one of its stronger recent closes.
The session comes against a mixed domestic backdrop: rapid growth in Shoprite Holdings Sixty60 delivery platform, a pending mobile network launch by Absa Group, and fresh scrutiny of public funds following a repayment agreement linked to a Special Investigating Unit investigation into a failed training project.
Markets: Mining stocks lead, but cracks remain
Friday’s session was defined by strong upward momentum, with the index trading between 118,085 and 121,525 before closing near its highs. The rebound reinforces a solid short-term trend, leaving the market up 9.49% year-to-date.
Resources drove these gains. The Resource 10 Index surged 3.85%, supported by a sharp rise in platinum group metals counters. Impala Platinum soared 9.24%, Northam Platinum gained 8.72%, and Harmony Gold added 6.31%. Sibanye-Stillwater and Gold Fields also posted solid advances.
The broader Basic Materials Index climbed 3.62%, making it one of the best-performing sectors on the day, alongside precious metals, which rose more than 5%.
Financials and industrials added further support. The Financial 15 Index advanced 1.76%, while the Industrial 25 Index rose 1.28%. Blue-chip stocks followed suit, with the Top 40 Index up 2.38%.
Retail counters signalled pockets of resilience in consumer demand. Mr Price Group gained 4.88%, while Pick n Pay rose 4.6%, suggesting that discretionary spending may be stabilising despite broader economic strain.
But the rally was far from uniform. Thungela Resources plunged 16.82%, and Sasol fell 9.9%, underscoring ongoing weakness in energy and coal markets. Glencore and Exxaro Resources also ended in negative territory.
Commodities were mixed. Gold held firm at above $4,850 per ounce, underpinning gains in gold miners, while platinum and palladium moved higher. By contrast, Brent crude slipped 1.62%, weighing on energy stocks.
Globally, sentiment remained uneven. The Nikkei 225 closed lower, while the S&P 500 and Nasdaq Composite remained elevated. In digital markets, Bitcoin dropped 0.51%, reflecting broader weakness in risk assets.
Retail revolution: Sixty60’s growth reshapes the sector
While the market rally was driven by mining, one of the most significant structural shifts in the economy is unfolding in retail logistics.
Shoprite Holdings Sixty60 platform has quietly become a major economic force, creating more than 18,000 jobs in roughly six years. That includes around 10,000 delivery drivers, who collectively earned over R160 million in tips in just the second half of 2025.
The numbers are striking. Sales for the on-demand delivery service surged 35% to R11.9 billion in the 26 weeks to December 2025, while its active customer base grew by more than 20%. Nearly 95% of deliveries arrive on time, with an average delivery window of under 35 minutes — a level of efficiency that has helped build strong consumer trust.
The scale is equally notable. Sixty60 now operates across 894 stores, more than tripling its footprint in three years. Its expansion into general merchandise, pet care and health products signals a shift beyond groceries into a broader e-commerce ecosystem.
Yet the model raises harder questions. Much of this growth relies on a flexible, contract-based workforce operating through the Pingo platform. While it has created income opportunities, it also reflects the rise of gig work — a trend that trades job security for scale and efficiency.
At the same time, investment in technology is accelerating. The introduction of the Pixie AI assistant, designed to personalise shopping through behavioural data, points to an increasingly data-driven retail environment.
Banking on connectivity: Absa joins MVNO race
The move reflects a broader shift in banking strategy: extending services beyond traditional financial products into digital ecosystems. More than 2.45 million South Africans are already using bank-linked MVNOs, with First National Bank’s FNB Connect and Capitec Bank’s Capitec Connect leading the space.
The appeal is straightforward. MVNOs require far less capital than traditional telecom networks, can be integrated into existing banking apps, and offer opportunities to bundle services with loyalty programmes and financial products.
For banks, it’s less about telecommunications and more about customer retention and data. For consumers, it’s about convenience — a single platform that manages money, connectivity, and increasingly, lifestyle services.
Absa’s late entry suggests caution, but also recognition that the convergence of finance and technology is no longer optional.
SIU probe: Fashion empire at centre of funding scandal
In stark contrast to the innovation seen in retail and banking, a new development in a long-running investigation highlights ongoing governance failures.
The programme, intended to train 100 young learners in textile manufacturing, collapsed before delivering meaningful outcomes. Investigations found that funds were diverted to operational expenses, personal payments and unrelated costs, while learners were left without qualifications or proper training.
The case forms part of a broader probe authorised by Cyril Ramaphosa into maladministration at the National Skills Fund. It exposes systemic failures — from poor due diligence to weak oversight — that allowed public money to be misused.
Despite agreeing to repay the funds, the matter is far from closed. The SIU has indicated that it will refer its findings to the National Prosecuting Authority, leaving open the possibility of criminal charges.
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