NEW YORK, January 1, 2026, 09:30 ET — Market closed
South African shares ended their last session of 2025 slightly lower, with the FTSE/JSE All Share index down 0.57% at 115,832.28 points. The benchmark traded between 115,304.62 and 116,011.95 on Dec. 31 and finished the year about 37% higher, leaving it roughly 1.4% below its 52-week high, market data showed. The Johannesburg Stock Exchange is closed on Thursday for New Year’s Day. 1
The late dip matters because it sets a year-end reference point after a sharp rally, as investors rebalance portfolios and reset risk budgets for 2026. With the market near a peak, early-January flow can matter as much as fundamentals.
U.S. markets are also shut for New Year’s Day, keeping global liquidity thin and pushing the next wave of price discovery into Friday’s reopen. For Johannesburg, that leaves the focus on the rand and commodity prices, which can swing earnings for many heavyweight miners and industrial firms. 2
The rand ended 2025 nearly 13% stronger against the dollar, its biggest annual gain in 16 years, and was at 16.5925 per dollar by 1041 GMT on Dec. 31, Reuters reported. Johann Els, chief economist at PSG Financial Services, said “I can see the rand continuing to strengthen in 2026, and I will not be surprised to see a 15 handle on the rand” — trader shorthand for the currency moving into the 15s per dollar. On the JSE, the Top-40 index of the largest companies was last down about 0.7% in the same session, while the 2035 government bond yield fell 2 basis points — 0.02 percentage point — to 8.205%. 3
A separate year-end change also landed in the benchmarks: the bourse said shareholder-weighted SWIX indices were terminated after market close on Dec. 31 as part of an index harmonisation effort. Benchmark changes can shift passive and derivative flows even when underlying shares do not move for fundamental reasons. 4
Mining shares have been the main cushion for the market, helped by export revenues and a firmer backdrop for risk assets through 2025. A stronger rand, however, can blunt returns for companies that earn in dollars but report in rands.
Investors also treat South Africa’s currency as a quick read on offshore appetite. When global investors feel brave, the rand usually gets support; when they do not, it can slide fast.
Before the next session, the first big local macro marker on traders’ calendars is inflation. Statistics South Africa has flagged Jan. 21 as the expected release date for December 2025 consumer inflation, with January 2026 CPI due on Feb. 18. 5
Rate expectations hinge on those prints and on the South African Reserve Bank’s next Monetary Policy Committee decision, scheduled for Jan. 29. Any shift in the inflation outlook matters for bank margins and for the valuation of high-dividend shares that compete with bonds. 6
Global investors will also look past Pretoria to Washington: the Federal Reserve’s next policy meeting is set for Jan. 27–28. A softer U.S. rate path would typically support emerging-market assets by easing dollar funding costs, while a hawkish surprise can do the opposite. 7
Technically, the All Share ends the year just off its 52-week high, leaving little room for complacency if the rand keeps firming. A break back below late-December lows would put the focus on whether year-end profit-taking turns into broader de-risking.
