Markets recover, Best Before expands, and motor tariffs under review
On Friday, South Africa’s business sector saw the JSE regain ground, driven by strong gains in major stocks including Naspers. Discount grocery retailer Best Before expanded its delivery services nationwide, offering products at lower prices than Pick n Pay and Checkers. At the same time, the motor industry raised concerns over proposed tariffs on imported Chinese and Indian vehicles, citing potential impacts on sales and employment.
JSE rebounds with support from Naspers and gold miners
The Johannesburg Stock Exchange (JSE) recovered at the end of last week, with the All Share Index (ALSI) rising 1.27% to close at 120,051 points. The market started lower at 117,609 but steadily climbed during the session, reaching an intraday high of 120,236 before closing.
Despite the weekend gains, the short-term market remains fragile, with the ALSI down 4.15% over the past month. Medium- and long-term trends are stronger, with gains of 10.29% over six months and 19.03% year to date.
Large-cap stocks led the recovery. Naspers was among the most actively traded shares by value, along with Gold Fields, Impala Platinum, and AngloGold Ashanti. Resource stocks were a major driver, with the Resource 10 index up 2.11%, led by gold miners. AngloGold Ashanti, Gold Fields, and DRDGold each rose more than 4%, supported by higher global gold prices.
Industrial shares also advanced, with the Industrial 25 index gaining 1.48% and the All Share Industrials index up 1.37%. Companies such as Sasol and Bidcorp recorded solid gains, while heavyweight diversified miners like Anglo American, BHP, and Glencore ended lower, limiting broader Top 40 index growth.
Property stocks strengthened as well. Growthpoint, Redefine, and Attacq reached new 52-week highs, reflecting improving confidence in the sector.
The rand strengthened slightly, trading at R15.99 to the US dollar, supporting demand for rand-hedged and resource shares.
Globally, markets were supportive. Japan’s Nikkei rose, and U.S. indices, including the S&P 500 and Dow Jones remained resilient. Cryptocurrencies showed mixed performance, with Bitcoin posting a modest rebound over the weekend.
Naspers focuses on growth and profitability
Naspers remained a key contributor to market activity, with CEO Fabricio Bloisi outlining clear priorities for 2026. The Cape Town-based company, along with Amsterdam-listed Prosus, aims to drive revenue growth and profitability rather than pursuing major mergers or acquisitions.
Naspers has a market capitalisation of approximately R750 billion, while Prosus is valued at over R2 trillion. Much of this value comes from their stake in Tencent, the Chinese tech giant. Locally, Naspers owns Takealot, Media24, AutoTrader, and other South African assets.
For 2026, Naspers aims to achieve $7.5 billion in eCommerce revenue and $1.1 billion in EBITDA. The company also plans to sell more than $2 billion in non-strategic assets while continuing a share buyback programme worth about $5 billion annually.
Key growth initiatives include expanding Eat Takeaway in Europe, scaling OLX’s digital services for real estate, automotive, and jobs, and using artificial intelligence to improve efficiency and innovation.
“Our goal is to stay disciplined, focus on fundamentals, and grow profitably across all markets,” Bloisi said over the weekend.
Best Before expands to reach more consumers
Discount retailer Best Before launched a national courier delivery service, allowing customers outside Gauteng to access its products. The retailer specialises in short-dated and near-expiry groceries, sold at lower prices than those at traditional supermarkets such as Pick n Pay and Checkers.
The company uses a replenishment model where 70% of stock is regular merchandise, sold about 25% cheaper than competitors. The remaining 30% comes from surplus stock purchased at a discount. All products are vetted for safety and never sold past their use-by dates.
The national delivery service charges between R80 and R100, depending on the courier, with delivery times from two to five working days. The company is also testing same-day delivery via Uber Eats in Fourways, with in-store prices matching online delivery.
“This expansion allows us to reach more South Africans, offer affordable products, and reduce food waste,” said Gordon.
Motor industry warns proposed tariffs could affect sales and jobs
The Motor Industry Staff Association (MISA) raised concerns over potential tariffs of up to 50% on imported vehicles from China and India. The Department of Trade, Industry and Competition is reviewing higher import duties to support local manufacturing, but industry representatives warn of possible negative effects on sales and employment.
According to MISA, the influx of Chinese and Indian vehicles has boosted sales and helped preserve jobs across dealerships in recent years.
“We went through years of closures and job losses. The recovery we are seeing now is largely because of these imports,” said MISA spokesperson Sonja Carstens. “If high tariffs are introduced, it could affect both consumers and workers.”
MISA recommended alternative measures, such as incentives for assembly and local parts production, instead of higher import taxes. The association said that blanket tariffs could disrupt a sector that is only now recovering from previous challenges.
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