JSE Climbs on Resource Gains as Markets Slip as PIC Probe Deepens, Chery Surges in Sales, and Maroela Media Enters Fibre Market
South Africa wrapped up the week with a mix of tension and optimism on Friday. The Johannesburg Stock Exchange (JSE) ended in the red, the Hawks confirmed fresh investigations into alleged corruption at the Public Investment Corporation (PIC), and Chinese carmaker Chery continued its remarkable run as one of the country’s best-selling brands. Meanwhile, Afrikaans news outlet Maroela Media surprised many by stepping into the technology sector with the launch of its own fibre internet service.
JSE Ends the Week on a Softer Note
The JSE closed weaker on Friday, with the All Share Index down 1.14% to 108,846 points, as global risk aversion and uneven company results weighed on sentiment. Industrials led the losses, falling 1.83%, while the Financial 15 and Resource 10 indices also edged lower. Despite the dip, the local market remains up almost 18.5% for the year, highlighting the resilience of South African equities even in volatile conditions.
Market analysts said the pullback reflected caution following disappointing manufacturing data from Europe and ongoing geopolitical tensions in the Middle East. “Investors are nervous,” one market strategist noted. “The global economy is sending mixed signals, and that’s making traders reluctant to take risks heading into the year-end.”
Retail and Energy Buck the Trend
Amid the broader decline, retail and energy counters offered rare bright spots. Boxer, Sasol, and Karoo all advanced between 1.5% and 1.8%. Sasol gained on the back of firmer oil prices, with Brent crude trading at $63.88 a barrel, while Boxer’s rise reflected confidence in festive-season retail spending.
On the downside, Aspen Pharmacare tumbled 8.6%, the steepest fall of the day, followed by The Foschini Group (-6.4%) and Sappi (-6.25%) as investors cut exposure to consumer and industrial shares on fears of weaker global demand.
Tech Stocks Drag the Market
Heavily weighted counters Naspers (-3.3%) and Prosus (-3%) pulled the market lower, once again proving to be a drag on the broader index. Still, some sectors showed resilience. Industrial Support Services rose 2.17%, and Chemicals climbed 1.22%, supported by upbeat local production data.
Trade was brisk, with Naspers, Gold Fields, and FirstRand accounting for more than R3.7 billion in traded value.
Rand Holds Firm, Gold Shines
The rand traded slightly weaker at R17.27 to the US dollar, losing just 0.16%, a sign of relative stability despite the equity losses. Gold continued its upward march, gaining 1.1% to $4,044 an ounce, while platinum and silver also advanced. Palladium slipped slightly. Stronger gold prices supported mining shares such as Gold Fields, though the broader resources index still closed marginally lower.
Hawks Probe 11 Cases at the Public Investment Corporation
Away from the trading floor, South Africa’s largest asset manager, the Public Investment Corporation (PIC), returned to the spotlight after Acting Police Minister Gwede Mantashe confirmed that the Hawks are investigating 11 corruption-related cases linked to the institution.
The cases stem from findings by the Mpati Commission, which uncovered widespread governance failures under former CEO Dr Dan Matjila, including allegations of undue influence in investment decisions. Two key transactions — involving Ascendis Health and Tosaco Energy — are now under review by the Investigating Directorate Against Corruption (IDAC).
Both deals involved businessman Lawrence Mulaudzi of Kilimanjaro Capital, who benefited from hundreds of millions in so-called “transaction fees.” The commission’s report found that these payments were not fully disclosed to the PIC’s committees, raising questions about internal controls and accountability.
While opposition MPs have welcomed the new investigations, they also warned that progress has been slow. “We need to see prosecutions, not just reports,” DA MP Andrew Bateman said during a parliamentary session last week.
Chery Tiggo Leads South Africa’s Compact SUV Market
In brighter economic news, Chery continued to dominate the local car market with its Tiggo 4 series. The compact SUV sold 1,725 units in October 2025, making it the third-best-selling passenger vehicle in the country and averaging 60 sales per day.
The Tiggo range, including 13 different variants, has become a strong competitor in South Africa’s highly contested compact SUV market.
The Tiggo 4 Cross, starting at R269,900, has drawn attention for its value and modern features, while the Tiggo CSH Hybrid — priced at R439,900 — is currently the most affordable hybrid in South Africa, with fuel consumption of just 5.4 litres per 100 km.
The brand’s turnaround has been remarkable: from selling only 1,297 vehicles in 2014 to nearly 20,000 units in 2024, as South African buyers increasingly opt for Chinese cars due to their blend of quality and affordability.
Maroela Media Enters the Fibre Market
Adding a media twist to the day’s business headlines, Afrikaans news outlet Maroela Media announced the launch of a new fibre-to-the-home service called Koekoek (“cuckoo”).
The publication said the service, developed in partnership with an unnamed internet provider, would prioritise reliability and clear communication with customers. Packages start from R439 per month, and a portion of subscription fees will help fund Maroela Media’s journalism — a rare model in South Africa’s media landscape.
With over 3.1 million daily users, Maroela Media is the country’s largest free Afrikaans news platform and the ninth-biggest overall. Its foray into fibre marks a bold diversification step, blending news, language, and technology to strengthen its sustainability in an increasingly digital market.
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