Johannesburg, Jan 18, 2026, 16:07 SAST — Market closed
- After a steep drop on Friday in Johannesburg, Sasol is entering the new week with its U.S.-listed ADRs also showing declines.
- Near-term positioning is being influenced by a JPMorgan downgrade, fluctuations in oil prices, and shifts in the rand.
- Traders are zeroing in on the company’s next scheduled update later this week for clues on direction.
Sasol Limited’s shares on the Johannesburg Stock Exchange fell 11.8% Friday, closing at 101.91 rand. Its ADRs in New York dropped 11.75%, finishing at $6.31. The stock remains under close scrutiny as trading picks up again. (StockAnalysis)
Timing is crucial. Sasol plans to release its Q2 FY26 performance figures on Jan. 22, followed by interim results on Feb. 23. These will draw fresh attention to production levels and cash flow after the recent retreat. (Sasol)
Macro factors offered little support. Brent closed Friday at $64.13 a barrel, with U.S. WTI at $59.44, after volatile moves linked to Iran news. The rand slipped roughly 0.4% to 16.4050 per dollar, Reuters reported. Phil Flynn of Price Futures Group noted, “Buying today seems to be people not wanting to be caught short over the long weekend.” (Reuters)
The catalyst came from a broker call. JPMorgan’s Alex Comer downgraded Sasol from neutral to underweight and slashed the price target to 94 rand from 107 rand. He pointed to a tough macro environment and oil fundamentals that pose “significant downside risk,” according to a TheFly note featured on TipRanks. (TipRanks)
On Friday, Sasol’s shares fluctuated between 101.77 rand and 115.50 rand on the JSE, with trading volume topping 5.3 million shares, according to exchange data. (Co)
In New York, the ADRs fluctuated from $6.09 to $6.38, with roughly 4.44 million shares changing hands, according to Yahoo Finance data. (Yahoo Finance)
Sasol’s earnings hinge on crude prices and the rand, since it sells fuel and chemicals priced against global benchmarks but faces many costs in local currency. This connection cuts both ways and often hits the share price quickly when oil and currency move in tandem.
U.S. investors won’t be able to trade Monday—the NYSE and Nasdaq shut down for Martin Luther King Jr. Day. That means the next ADR session kicks off Tuesday. (Nasdaq)
The next move isn’t set in stone. Should oil hold steady and the rand weaken more, buyers could jump in fast. But if crude falls back or the currency strengthens, the downgrade could start to hurt — particularly if the Jan. 22 update points to weaker volumes or slimmer margins than anticipated.
A more elusive risk surfaced as Johannesburg residents detected a “rotten egg” odor on Friday, sparking fresh worries about air quality. A City of Johannesburg official told TimesLIVE this isn’t unusual and could stem from hydrogen sulphide emissions or waste-related sources. (TimesLIVE)
Sasol’s Q2 FY26 business performance numbers drop Jan. 22, offering a key test for investors to judge if last Friday’s sell-off was an overdone reaction or signals a more lasting shift.
