JSE Flat as SARS Warns Over War Risks, AngloGold Backs Political Donations and Woolworths Faces Fallout Bver Beyers Collapse
South African markets ended Thursday in a subdued mood as investors balanced strong gains in gold shares against growing concerns over the country’s economic outlook, rising geopolitical tensions and a series of corporate controversies that dominated the business landscape.
While the JSE All Share Index closed almost unchanged, slipping just 0.01% to 119,153.90 points, the real focus of the day shifted beyond the trading hub.
Newly appointed SARS commissioner Johnstone Makhubu warned that the escalating Iran conflict could threaten South Africa’s revenue targets. At the same time, AngloGold Ashanti shareholders approved a controversial resolution permitting political donations, while Woolworths defended its position amid growing backlash over the collapse of a long-standing chocolate supplier Beyers Chocolates.
Gold shares lead gains as broader market faces uncertainty
Mining counters remained among the JSE’s strongest performers as global market uncertainty continued to support demand for precious metals.
The Resource 10 index gained 0.96%, while the Precious Metals and Mining sector climbed 1.53% as gold prices to $4,753.95 an ounce, up 1.33% from the previous day. Silver surged even higher, jumping $81.11, up 4.92% from the previous day.
Among the biggest gainers on the day were Datatec, up 6.14%, Pan African Resources which rose 4.58%, Harmony Gold up 4.25%, and AngloGold Ashanti which advanced 3.73%. Richemont also posted a solid gain of 2.63%, helping lift the Personal Goods sector.
Industrial shares, however, remained under pressure. The All Share Industrials index dropped 1.34%, while the Industrial 25 index lost 1.10%. Telecommunications stocks also weighed on sentiment, with MTN Group falling 3.9% and Vodacom down 3.57%.
Sasol was among the hardest hit blue-chip counters, sliding 6.85% after Brent crude oil prices dropped more than 4% to $96.90 a barrel. Life Healthcare suffered the steepest decline among major shares, plunging 10.98%.
Trading volumes remained concentrated in heavyweight stocks. FirstRand led value traded at more than R1.56 billion, followed closely by Naspers at R1.54 billion. Gold counters Harmony and Gold Fields also attracted strong investor interest.
Global markets were mixed, with Japan’s Nikkei easing slightly after recent gains, while U.S. indices remained relatively firm.
SARS fears economic fallout from Iran conflict
Against this uncertain backdrop, SARS commissioner Johnstone Makhubu warned that the economic impact of the Iran conflict could place South Africa’s revenue targets under significant strain.
South Africa’s tax collection performance has improved considerably in recent years following efforts to rebuild SARS after years of institutional decline and governance failures. Better revenue collection has helped stabilise public finances and improve investor confidence in Treasury’s fiscal management.
But the latest geopolitical shock now threatens to complicate that progress.
Government recently extended temporary fuel levy relief measures introduced to soften the blow of sharply higher petrol prices following the outbreak of war on 28 February. The intervention is expected to cost the fiscus around R17 billion in lost revenue.
Treasury has indicated that the first month of relief would be funded through spending adjustments, but questions remain over how government will absorb the costs for May and June.
Makhubu said SARS would continue looking for ways to close the country’s tax gap, including recovering a portion of the estimated R650 billion owed by taxpayers.
He also flagged illicit trade and under-declared imports as major areas of concern.
According to SARS estimates, as much as R450 billion in VAT remains uncollected, while customs under-declaration may be costing the country up to R70 billion annually.
Makhubu said SARS was working with the Reserve Bank on technology-driven systems to improve excise tax monitoring, particularly in the alcohol and tobacco sectors where illicit trade remains widespread.
Still, he warned that no amount of enforcement could fully offset a weakening economy.
The International Monetary Fund recently cut South Africa’s 2026 growth forecast from 1.4% to 1%, while Treasury had earlier projected growth of 1.6%.
“If the economy sneezes, the rest follows,” Makhubu said.
AngloGold vote raises governance questions
The proposal received 75.31% support at the company’s annual general meeting, although nearly a quarter of shareholders voted against it, making it the most contested resolution on the table.
The resolution authorises political donations of up to £100,000, roughly R2.2 million.
AngloGold Ashanti did not specify whether any future donations would involve South African political parties, but the vote comes ahead of the country’s municipal elections later this year.
The company’s policy states that political contributions must comply with local laws, support a legitimate business case and may not be used to secure improper advantages.
In its latest annual report, AngloGold Ashanti repeatedly highlighted governance, ethics and transparency as central priorities amid rising geopolitical instability and increasing scrutiny of multinational corporations.
Woolworths pushes back over Beyers Chocolates fallout
The dispute has attracted significant attention following emotional public comments by Beyers founder Kees Beyers, whose company recently applied for liquidation after more than 30 years supplying chocolate products to Woolworths.
In its statement, Woolworths said many public claims surrounding the matter were inaccurate or incomplete.
The retailer confirmed that it had maintained a long-standing partnership with Beyers and had entered into an exclusivity agreement in 2019 covering certain Woolworths chocolate products and formulations.
According to Woolworths, concerns emerged in 2023 when products similar to Woolworths-exclusive offerings began appearing at competing retailers.
The company said this undermined the intent of the agreement and ultimately led to the decision to move production to alternative suppliers in order to protect its product development and brand differentiation.
Woolworths insisted that the decision was not taken lightly and rejected suggestions that it caused Beyers Chocolates’ liquidation.
The retailer also sought to reassure customers that products such as Chuckles remain locally produced and that product quality has not changed.
But Beyers presented a far more personal and emotional account during a recent radio interview.
Beyers said the loss of the Woolworths contract became devastating after the company had invested close to R200 million into expanding operations. At the time, Woolworths reportedly accounted for roughly half of the company’s annual turnover.
The liquidation has placed hundreds of jobs at risk and reignited debate around the power imbalance between large retailers and local suppliers.
Despite the collapse, Beyers said discussions were under way with a potential investor interested in reviving the business
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