JSE All Share Index Crosses 100,000-Point Mark But Gains Remain Narrow
TLDR
- The Johannesburg Stock Exchange (JSE) All Share Index broke the 100,000-point mark for the first time on Wednesday, opening at 100,108 points
- The index is up more than 3% for the week and over 18% year-to-date, boosted by strong gains in tech giants and resource stocks
- Despite the headline milestone, analysts warn that a narrow band of stocks is driving the rally
The Johannesburg Stock Exchange (JSE) All Share Index broke the 100,000-point mark for the first time on Wednesday, opening at 100,108 points. The index is up more than 3% for the week and over 18% year-to-date, boosted by strong gains in tech giants and resource stocks.
Naspers surged more than 5% to R5,887.20 per share, while Prosus crossed the R1,000 threshold for the first time, also up over 5%. Platinum and gold stocks have also contributed significantly to the rally in recent sessions.
Despite the headline milestone, analysts warn that a narrow band of stocks is driving the rally. Peter Little of Anchor Capital noted that much of the market, particularly domestically focused "SA Inc." companies, remains flat or negative year-over-year. These stocks, which make up around 45% of the JSE, have lagged, with general retailers and discretionary consumer shares underperforming.
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Key Takeaways
While the JSE’s historic 100,000-point milestone signals investor optimism, the strength is concentrated in a few outperforming stocks—mainly those in the resources and technology sectors. A broader rally remains elusive. Anchor Capital warns that SA Inc stocks, which depend on domestic economic conditions, are still trading at valuations seen before the formation of South Africa's Government of National Unity. The July 2025 Bank of America South Africa Fund Manager Survey supports the bullish sentiment, with 67% of managers overweight equities and cash holdings at record lows. Yet GDP expectations remain muted, and exposure to local growth sectors is still low. To sustain momentum, analysts say local economic recovery and improved consumer spending must lift underperforming sectors like retail and domestic services. Without a broader move, the index risks being a high-performing headline with a weak foundation.
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