Friday bull run: JSE hits 98 600 points

The Johannesburg Stock Exchange (JSE) broke new ground on Friday morning, briefly surging past the 98 600-point mark to set a fresh all-time high.

It jumped over a 1.3% by 10am SA time, and is currently still trading over a 1% stronger. Metals and mining shares were the top performers, climbing more than 3% in early trade. Sibanye, Implats and Valterra gained over 5%, while Harmony Gold, AngloGold and Gold Fields each rose by more than 3%.

Read: JSE breaks another record, heads for magical 100 000 points

Investor and trader Simon Brown, host of MoneywebNOW, says the rally points to notable momentum in the local market.

“There is currently a lot of strength in the South African market,” Brown says. “Will we hit 100 000? Yes. Most probably by this time next week.”

He adds that gold and platinum stocks are the standout performers, with platinum currently at a 15-year high.

Banking stocks and telecommunications shares also advanced.

“Banking stocks particularly are still cheap, even at current levels,” Brown notes.

Listen/read:
Telcos having a massive year
Are institutions falling in love with Sasol again?
Platinum extends gain as market shows further signs of tightness

Positive macroeconomic data also buoyed sentiment. Statistics SA reported on Wednesday that mining production increased 0.2% year on year in May — the first annual expansion in 2025 and above market expectations.

Retail sales showed similarly encouraging signs, growing 4.2% year on year in May.

“Retail numbers have been trending better since the beginning of last year,” Brown says. “This shows us an economy that’s probably not as bad as it’s been over the past decade.”

Follow Moneyweb’s in-depth finance and business news on WhatsApp here.