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    Home » South African equities rally, sectoral weakness & data risks remain

    South African equities rally, sectoral weakness & data risks remain

    February 11, 2025
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    The Johannesburg Stock Exchange (JSE) building in Sandton. It has operated as a market place for the trading of financial products for nearly 125 years.

    Lagos — South African equities remain bullish, with the JSE FTSE Top 40 Index closing up 0.36%, approaching the 80,000-point psychological level. However, the potential for a near-term correction looms, as profit-taking could weigh on market sentiment.

    Despite the overall positive momentum, 13 out of 20 sectors ended in the red, with producer manufacturing, process industries, and consumer durables losing 2.03%, 0.88%, and 0.82%, respectively. This sectoral divergence suggests a mixed outlook for the market, as weakness in cyclical sectors could dampen the broader rally.

    On a more positive note, the electronic technology sector surged by 21.89%, while technology services and industrial services gained 0.82% and 0.79%, respectively. These sectors provided key support to the broader market, particularly technology, which remains a growth driver.

    Although the financial sector, including Firstrand Ltd, Capitec Bank Holdings, and Standard Bank Ltd, saw losses of 0.26%, 2.02%, and 0.80%, respectively, the strength in technology and industrial services continues to support the broad market.

    Looking ahead, the focus is shifting to South Africa’s Manufacturing Production data for December, following a 2.6% year-on-year decline in November last year, the largest contraction since June.

    A drop in sectors such as motor vehicles and textiles contributed to this slowdown, indicating potential risks and headwinds for domestic equities. A further deterioration in industrial output could weigh on the market, but signs of recovery could provide much-needed support, particularly for cyclical sectors.

    *Daniel Wesonga, Senior Sales Manager at Pepperstone

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