Gold, Telcos, and Mid-Caps Power JSE’s 14.7% Rally in First-Half 2025
TLDR
- The Johannesburg Stock Exchange (JSE) delivered a strong 14.7% gain in the first half of 2025, with a 22% return over the past year
- But the rally was narrow: only 25% of listed shares achieved double-digit returns, and 128 stocks declined.
- Only 59 out of 289 stocks outpaced the index’s 14% return. Meanwhile, 215 stocks failed to beat the 10-year government bond yield
The Johannesburg Stock Exchange (JSE) delivered a strong 14.7% gain in the first half of 2025, with a 22% return over the past year. However, the rally was narrow, with only 25% of listed shares achieving double-digit returns, while 128 stocks declined.
Top performers included Blue Label Telecoms (+144%), Choppies (+136%), and MTN Zakhele Futhi (+110%). Meanwhile, gold and platinum miners such as Sibanye-Stillwater (+96%) and AngloGold Ashanti (+81%) also contributed to gains. MTN Group rose 51%, bolstered by the unwinding of its BEE scheme. Telkom (+54%) and Vodacom (+34%) also advanced, as did YeboYethu (+55%).
Investors who passively tracked the Satrix Top 40 would have outperformed most retail stock pickers. Only 59 out of 289 stocks outpaced the index’s 14% return. Meanwhile, 215 stocks failed to beat the 10-year government bond yield.
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Key Takeaways
The JSE’s mid-year report card reveals a concentrated rally in large-cap mining and telecom stocks, exposing the risks of active stock picking in South Africa’s current market environment. While mining benefited from commodity strength, a majority of JSE-listed companies underperformed even conservative benchmarks. About half of all stocks posted negative or negligible returns. The concentration of gains in a few counters suggests limited market breadth—bad news for retail investors focused on small- or mid-cap stocks. Meanwhile, 40 stocks lost between 20%–40%, led by names like Aveng (–52%), Trencor (–86%), and Sappi (–39%). However, some of these losses may be misleading. Super Group (–46%) declined after paying a R16.30 special dividend tied to its SG Fleet divestment, meaning shareholders effectively broke even. Investors are now watching to see whether the strong momentum in miners and telcos can sustain into H2 2025, or whether a rotation into underperforming sectors might emerge as earnings season unfolds.
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