No Break for Markets as JSE Slips, KitKat Heist Hits Easter Supply, Fuel Risks and Stalled School Add to Week’s Headlines
There was little chance to have a break this week as markets slid, chocolate vanished, and pressure built across key sectors. The Johannesburg Stock Exchange ended on Friday in negative territory, while a 12-tonne shipment of KitKat bars was stolen in Europe, raising the prospect of Easter shortages.
At the same time, sharp fuel price increases linked to tensions in the Middle East are set to hit South African motorists from April, even as the government signalled that supply could remain stable. Meanwhile, in Limpopo, a long-delayed R198-million school project has fallen further into disrepair, with learners still relying on temporary structures years after construction began.
Markets under pressure as industrials and tech drag
The local bourse struggled to gain traction on Friday, with the All Share Index closing 0.95 % lower at 111,778 points. The index opened at 113,103 and traded in a wide range between 110,301 and 113,161 before settling below the previous day’s close of 112,847.
The decline was led by industrial stocks, which continued to weigh heavily on the broader market. The All Share Industrials index fell 1.56%, while the Industrial 25 dropped 1.62%, reflecting sustained weakness in consumer-facing and globally exposed companies.
Large-cap counters also came under pressure, with the Top 40 index down 0.97 %. Technology-linked heavyweights were among the biggest contributors to the decline. Prosus fell 3.08%, while Naspers declined 2.72%, mirroring broader softness in global tech sentiment.
Luxury goods group Richemont lost 2.51 %, while retail stocks also struggled. The Foschini Group dropped 3.27%, and Boxer Retail fell 3.38%, highlighting continued pressure in the consumer sector.
Financial stocks were not spared, with the Financial 15 index ending 1.12 % lower, reflecting subdued sentiment across banking and financial services counters.
Resource stocks show relative resilience
In contrast to the broader market weakness, resource stocks showed relative resilience. The Resource 10 index slipped just 0.35 %, outperforming most other sectors.
Gains in key mining counters helped limit losses. BHP rose 1.94 %, while Glencore gained 0.99 %. Coal exporter Thungela Resources was among the top performers, increasing 4.25 % on the day.
Elsewhere, sector performance was mixed. Consumer services recorded gains of 1.59%, while energy-related sectors, including oil, gas, and coal, as well as broader energy indices, each rose by around 1.55 %.
Mid-cap and small-cap stocks also ended lower, declining by 1.03% and 0.41% respectively, while the SA Property index fell 0.79%.
Rand steady as commodities trade mixed
Commodity markets were mixed. Gold remained stable at $4,500 per ounce, while platinum rose 1.24% and palladium plunged below $1,400 per ounce.
In contrast, Brent crude oil declined sharply, falling 4.65% to $107.34 per barrel.
Despite the latest decline, the All Share Index remains up 4.23 % year to date. However, over a longer horizon, it is still down 12.98 % over the past three months and 3.5 % over one year, underlining ongoing volatility in the market.
KitKat shipment stolen ahead of Easter
In a development highlighting vulnerability in global supply chains, Nestlé confirmed that a truck carrying 413,793 units of its new KitKat range was stolen during transit in Europe.
The shipment, weighing approximately 12 tonnes, disappeared while travelling from central Italy toward Poland, where the products were due to be distributed across several countries.
The company warned that the theft could lead to shortages on store shelves ahead of the Easter period, one of the busiest times of the year for chocolate sales. The vehicle and its contents remain unaccounted for, with investigations ongoing in collaboration with authorities and supply chain partners.
Fuel price surge expected despite supply assurances
Mineral and Petroleum Resources Minister Gwede Mantashe said the country could avoid a fuel shortage despite disruptions in the Strait of Hormuz following US-Israeli drone strikes on Iranian targets.
Fuel price increases are expected to take effect from 1 April, with petrol and diesel projected to rise by more than R5 and R9 per litre, respectively. Further increases in May have also been flagged by some analysts.
Mantashe indicated that Iran has allowed safe passage for cargo destined for certain countries, including South Africa, provided they meet specific conditions, including neutrality in the conflict and payment in local currency.
However, questions remain about how this arrangement would work in practice. Logistics expert Andrew Pike raised concerns about the risks associated with navigating an active conflict zone, including the presence of naval mines and the reluctance of ship operators to take on such routes.
He also noted that rerouting ships around the Cape of Good Hope could add between 10 and 15 days to journeys, reducing global shipping capacity and increasing transport costs.
Limpopo school project stalls amid decay
The R198-million project in Njakanjaka village was originally scheduled for completion in June 2024, before being pushed to December 2025. Both deadlines have now been missed.
The contractor, Clear Choice Builders, was placed in business rescue and later terminated due to non-performance, despite having been paid R157 million and completing about 86 % of the project, excluding the planned eye clinic.
Conditions at the site have deteriorated significantly. Flood damage has caused structural failures, including collapsing walls and leaking roofs. Building materials have been left exposed to the elements, and parts of the site are waterlogged.
The foundation of the eye clinic remains incomplete, with exposed steel reinforcement bars already showing signs of rust. Other materials, including cement, have been damaged by rain, while vegetation has begun to overgrow parts of the site.
Learners at the school continue to operate in prefabricated classrooms and dormitories, some of which have holes in the floors. The school also relies on mobile toilets, raising concerns about living and learning conditions.
Community members have reported theft of infrastructure, including electricity cables, while some workers and service providers claim they have not been paid for extended periods.
Authorities said a new contractor will be appointed to complete the remaining work, including repairs and finishing, but no revised completion date has been confirmed.
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