JSE Pushes Higher as Miners and Banks Lead Gains, while Corporate Deals and Corruption Concerns Shape the Broader Picture
The JSE closed firmer on Tuesday, with the All Share Index climbing 0.51% to 120,887, as strength in mining and financial stocks helped offset weakness in heavyweight industrial counters. The market traded in a wide range during the session, reflecting ongoing caution, but buying interest in key sectors was enough to keep the index in positive territory.
At the same time, corporate developments — from a failed cross-border banking deal to fresh investment in the automotive sector — and renewed concerns about corruption added important context to the day’s market moves.
The ALSI opened at 120,751, slightly above the previous close of 120,277, and moved between 119,643 and 121,265 before settling near the middle of that range. While the index remains below its recent 52-week high of 126,937 reached in January, it is well above the 77,165 low recorded in April last year.
That recovery underlines how far the market has come over the past 12 months, even if recent gains suggest investors are becoming more selective at current levels.
Resources and financials in the lead
Sector performance told the story of the day. Resource stocks rose 1.17%, supported by gains in major counters such as Anglo American, Gold Fields, and BHP. Higher precious metal prices added momentum, with gold rising 0.61% to $5,053.83 an ounce, silver up 2.08%, and platinum gaining 2.10%. In rand terms, gold traded at R80,299 per ounce, up 0.27%. Stronger metal prices provided direct support to mining shares, which remain a key driver of the local bourse.
Financial shares also delivered solid gains, with the Financial 15 index up 1.20%. Banks and insurers benefited from steady investor appetite, suggesting confidence in earnings resilience despite broader economic pressures. Nedbank rose 3.22%, while Discovery added 2.85%, contributing to the sector’s positive showing.
In contrast, industrial stocks struggled. The All Share Industrials index fell 0.63%, weighed down by losses in technology heavyweights Prosus and Naspers, which dropped close to 3% each.
Given their large market capitalisations, declines in these counters have an outsized impact on the broader index. Property stocks also edged lower, with the SA Property index down 0.26%, reflecting continued caution in the real estate sector.
Winners, losers and market activity
Among the top gainers in the Top 100 were PHP, up 5.92%, Mondi Plc, which climbed 3.58%, and Thungela, up 3.02%. Richemont advanced 2.96%, supported by strength in the personal goods sector, being the best-performing sector on the day with a 2.96% gain.
On the downside, Pick n Pay plunged 9.87%, hitting a new 52-week low during the session. The sharp drop signals sustained pressure on the retailer, raising concerns about performance and investor confidence. Boxer fell 3.65%, MAS declined 3.37%, and Exxaro lost 3.26%.
Trading volumes were concentrated in large-cap counters. Naspers recorded the highest traded value at more than R1.75 billion, followed by Gold Fields, MTN Group and FirstRand.
Rand steadies near stronger levels
The rand strengthened modestly against the US dollar, with the USD/ZAR rate at 15.89, reflecting a 0.34% gain on the day. The currency is trading near the stronger end of its 52-week range of 15.74 to 19.74.
A firmer rand can ease inflationary pressures by reducing import costs, but it may weigh on companies that generate significant foreign earnings when those profits are converted back into rands.
Access Bank deal falls through
Beyond the markets, a major cross-border banking transaction failed to materialise. Nigeria-based Access Bank confirmed that its proposed R2.8 billion acquisition of Bidvest Bank will not proceed after regulatory and other conditions were not met by the January 26 long-stop date.
Access Bank, Africa’s largest lender with over 60 million customers globally, had announced the deal in December 2024 as part of plans to expand its South African footprint. The acquisition would have included Broad-Based Black Economic Empowerment ownership elements and allowed Bidvest to focus on its core operations.
While the deal’s collapse reflects the complexity of multi-jurisdictional regulatory processes, Access Bank stressed that it remains committed to the South African market. The group already operates locally, having acquired Grobank in 2021, which it has since repositioned as a retail banking operation.
Bidvest, meanwhile, has made progress in other disposals. It agreed to sell FinGlobal to Momentum Group for R200 million and has reached a deal to dispose of Bidvest Life to a private equity-led consortium, subject to regulatory approvals. These moves signal a strategic reshaping of its financial services portfolio.
Corruption concerns persist
On the governance front, South Africa’s standing in Transparency International’s 2025 Corruption Perceptions Index remains a concern. The country’s score stagnated at 41 out of 100 for the third consecutive year, below the global average of 42 and well under the midpoint of 50.
The index suggests that South Africa continues to be perceived as more corrupt than clean, with limited progress in strengthening anti-corruption measures. Sub-Saharan Africa remains the lowest-performing region globally, with an average score of 32.
However, there are signs of institutional response. South Africa was removed from the Financial Action Task Force grey list in 2025, and investigations into alleged corruption within the criminal justice system are underway through formal commissions and parliamentary processes. While these steps may not yet be reflected in perception-based indices, they indicate ongoing efforts to address governance weaknesses.
Isuzu eyes expansion and job creation
In more positive industrial news, Isuzu Motors South Africa is considering local production of its mu-X SUV at its Gqeberha plant. The move, combined with expected growth in exports under the African Continental Free Trade Area agreement, could shift the plant to a two-shift operation and create additional jobs in the Eastern Cape.
The company has already invested more than R1.7 billion locally, including in supplier development and plant upgrades. Retail sales grew 12.2% in 2025 to over 26,000 units, while exports to the rest of Africa increased by 4.5%. Management has signalled ambitions to expand further into African and South American markets.
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