Johannesburg, Feb 28, 2026, 09:42 SAST — The market is closed.
Johannesburg’s FTSE/JSE All Share index wrapped up last week at a new record high, closing Friday at 128,456, up 1.48%. The Top 40 advanced 1.56% to reach 120,296. Resource-heavy stocks powered the move: Sasol surged 16.06% during the session, and Sibanye Stillwater, Harmony Gold, and Impala Platinum all climbed more than 5%.
The week finished with a sharp rally, pushing the All Share up around 4.4% since last Friday’s close. The Top 40 added about 4.8% over that stretch. Moves like these carry weight for the JSE’s heavyweights, given how exposed they are to swings in commodity prices and the rand; either can snap in a heartbeat if global risk sentiment changes.
Moneyweb pointed to stronger commodity prices and a more stable domestic macro outlook, following this week’s budget, as key drivers behind the rally. “As long as commodity prices, notably gold and platinum, continue to rally, the local market should remain well supported,” said Omri Thomas, director at Abax Investments. Moneyweb
Beyond South Africa, the picture dulled heading into Friday’s finish. U.S. equities lost ground as the month wrapped up, with investors juggling nerves about AI, fresh tariff threats, and persistent geopolitical strains. That kind of risk-off move tends to sting both commodities and emerging-market plays simultaneously.
The rand handed back some gains on Friday, dipping roughly 0.3% to 15.9650 against the dollar after fresh month-end domestic figures. “The sentiment around the market seems to remain fairly positive, but could easily turn for the worse,” said Wichard Cilliers, currency strategist at TreasuryONE. Reuters
Eskom plans another 29% cut to electricity tariffs for two struggling ferrochrome producers — Samancor Chrome and the Glencore-Merafe Resources JV — a decision likely to keep these chrome and smelting stocks in the spotlight as trading picks up. Electricity Minister Kgosientsho Ramokgopa said the move aims to protect jobs, with the government targeting 45 smelters in operation by December.
Inflation pressure eased up a bit. South Africa’s producer price index came in at 2.2% year-on-year for January, slipping from 2.9% in December, and registered a 0.2% drop month-on-month. These factory-gate prices often set the tone for consumer inflation down the line, which in turn can shift rate forecasts.
The JSE’s strong performance hasn’t left much cushion for missteps ahead. Any pullback in gold or platinum—or a sharper move from the rand—would likely knock the resource-heavy indices quickly, raising the question of how much of the surge was real inflows rather than just momentum trading.
Markets reopen after the weekend, and traders will be sifting through local data releases: the Absa manufacturing PMI lands Monday, S&P Global PMI comes Wednesday, followed by South Africa’s reserves update on Friday. Eyes are also peeled for bond auction developments, plus the rand’s grip on levels below 16 to the dollar.
At the moment, the cues are straightforward: watch the currency, plus spot prices for oil, platinum, and gold. The first meaningful gauge of last week’s buying interest comes midweek, when PMI numbers hit.
