June tends to be a sideways to cautious month on the JSE, with lower trading volumes as global markets shift into the northern hemisphere summer and mid-year earnings expectations start to adjust. Investors often take a wait-and-see approach, especially in election years, contributing to muted performances and increased volatility in certain sectors. This year, the market is further complicated by political uncertainty ahead of municipal ward elections, evolving US monetary policy, and fluctuating commodity prices. Nonetheless, select JSE-listed companies continue to demonstrate resilience and offer potential upside. Here’s a closer look at three such companies:
Harmony Gold’s share price closed at R265.81 on 3 June, up 3.73% month-to-date, reflecting resilience amid broader market volatility. Analysts have set an average target price of R276.67, suggesting a modest 4% upside, though the share has historically peaked at R360, implying further room for growth if bullish sentiment returns. Operationally, the company’s nine-month update (ending March 2025) highlighted stable production, supported by strategic diversification through assets like the CSA Copper Mine. From a technical perspective, the price action points to a possible 14.19% rally, to R315 from the current price level, should gold strengthen further.
TFG’s share was trading at R135.50 on 3 June, with analysts expecting strong growth – 13.7% in earnings and 7.7% in revenue. Its Bash platform is gaining momentum, with online sales up 47.2% and over 3.8 million app downloads, boosting both digital and in-store activity. The 2024 financial year saw record R60.1 billion revenue and a 76.5% increase in cash flow, supporting future growth. With results due on 6 June, investors are watching key trends like sales growth, credit uptake, and global performance. A move above R140 could boost sentiment if earnings align with forecasts, to potentially reach R147, representing an 8.20% increase.
Old Mutual continues to trade on a steady path at R11.90 on 3 June. In Q1 2025, the company delivered 3% growth in adjusted headline earnings, supported by a 14% increase in shareholder investment returns, a sign of healthy underlying performance. With a low P/E ratio of 7.95 and a dividend yield of 4.92%, the share offers value for those seeking stability and income. For those watching short-term movements, the share has the potential to rise by 6.49% to R12.60, offering a modest upside in a cautious market environment.
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** This article was prepared by BROKSTOCK analyst Maboko Seabi
