It was a week of record highs and significant moves, driven by commodities, tech and shifting economic sentiment. Here are the key takeaways to keep you informed:
● The JSE hits a new record, but it's a tale of two markets: The South Africa top 40 surged to a new record high this week – a fantastic headline for investors. However, a closer look reveals this performance was almost entirely driven by gold, platinum, and global tech giant Prosus. Many purely South African industrial and retail shares have actually performed poorly, showing a major divide in the local market.
● Gold price explodes past R68,000/gram: Gold had a good week, breaking through the R68,000 per gram level for the first time ever. This surge was fuelled by its traditional appeal as a safe-haven asset during times of global uncertainty. This directly boosted the performance of the JSE and rewarded investors in gold mining shares and gold-backed ETFs.
● US markets end a volatile week on a high note: After a choppy week influenced by jobs data and economic uncertainty, Wall Street futures climbed on Friday. Investors are closely watching for any signs that the Federal Reserve might consider cutting interest rates, and this optimism helped markets end the week with positive momentum.
● AI stocks continue to power the tech sector: The artificial intelligence (AI) boom remains a primary market driver. NVIDIA's stock climbed after reports of securing export approvals for the UAE and receiving upgraded price targets from Wall Street analysts. Dell also saw its shares jump on strong earnings, driven by high demand for its AI-optimised servers, reinforcing the theme that AI hardware is a hot sector.
● Major investment signals confidence in platinum's future: In a local development, mining company Tharisa announced it will spend over half a billion dollars on a new underground platinum project. This is a major capital investment that signals strong long-term confidence in the future demand for platinum group metals, which are essential for everything from vehicle catalysts to the growing hydrogen economy.
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