12/06/2026
Good day, The FTSE/JSE All Share closed down by 2.93% last week. The main Johannesburg Stock Exchange Indices stood at the following levels at close of business on Friday, 05 June 2026:
JSE All Share Index 111 275.44 JSE Resources Index 64 489.72 JSE Industrial Index 137 564.66 JSE Financial Index 61 032.61 JSE Precious metals 120 493.82 At the same time last year the JSE All Share Index was 96 366.08.
The JSE All Share Index ended last week (05 June ) on 111 275.44 points and currently stands on 112 668.47.
PPS Market Insights reported that South Africa's long-term credit rating was upgraded by Fitch to BB from BB-, reflecting improved fiscal management, stabilising debt levels, and progress on structural reforms.
South Africa's economy grew by 0.5% in the first three months of 2026 compared to the previous quarter. This was stronger than expected. Economists polled by Reuters forecast GDP growth of 0.3% quarter-on-quarter. The growth rate also picked up from 0.4% in the fourth quarter 2025. SA's GDP in the first quarter was 1.9% larger than a year before, Statistics SA reported.
The stronger growth came despite the manufacturing industry shrinking by 0.8% over the quarter, as well as a concerning 1.1% decline in fixed capital formation (GFCF) with sharp falls in spending on machinery and other equipment, and residential buildings. GFCF represents the money spent on buying and building physical assets like equipment and infrastructure that are needed for the economy to produce more in future.
Economic growth in the first quarter was fuelled in part by the finance, real estate and business services industry, which expanded 0.9%, as well as the trade, catering and accommodation industry (0.7%). The mining sector (+0.7%) was supported by strong activity in platinum group metals and gold amid a strong price rally at the time. GDP growth was also boosted by strong exports, thanks in part to higher mining export values.
The fastest growth was in the agricultural sector, which grew by 3.9% in the first quarter.
The price shock from the US-Israel war on Iran is already here, with the broad-based impact evident in very significant changes in a range of survey data across the economy, says the University of Stellenbosch's Bureau for Economic Research (BER).
The BER surveys business and consumer confidence as well as selling and buying price indicators at regular intervals, giving it a unique "feel" for what is going on in the economy, says chief economist Lisette Ijssel de Schepper.
"This shows that the shock is broad-based across the economy. It is not telling us anything about the magnitude of the (cost) increase, but a lot of the comments seem to imply that manufacturers believe they can't pass it all on. So, it's going to be a profitability squeeze, which at some point will start impacting investment decisions," she said.
Falling confidence is a warning sign that the economy is losing momentum, said the BER. In fact, the RMB/BER Business Confidence Index (BCI) fell by 8 points to 39 in the second quarter of 2026, reversing the gains recorded over the previous two quarters and leaving the index below its long-term average of 40. While the recovery in business sentiment has lost momentum, importantly, confidence remains above the recent low of 27 reached in 2023Q2.
Point of interest!
The US/Israeli war against Iran seems to be flaring up again.
So...until a peace treat is actually signed and everybody has gone home, my comments below are still pertinent.
I don't think that anybody is believing the timelines for ending the war in Iran that are constantly been issued by US President Trump. This is evident in the ongoing uncertainty in global economies and markets..so my cautions aired here over the past number of weeks remains fully in place.
Be very careful about any decision you wish to make concerning your investments and, if necessary, enlist the services of a trusted, experienced financial adviser to assist you.
REMEMBER...you have experienced a loss in value only at this stage and will recover the lost value if you hold your investment, however, if you sell out of your investment you will capitalise your loss and suffer a real monetary loss.
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Kind Regards, Des Scherwitz | FSAā¢
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