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Market View

J200 101,222.00 -0.75% J203 109,570.00 -0.70% J210 101,408.00 -0.67% J211 131,251.00 -1.11% J212 26,070.00 -0.37% J213 143,998.00 -0.77%

Winning Shares (Top 5)

Code	Name	Added	Price	Latest	% Gain	% Gain/Year
GRT	GROWPNT	2025-05-31	1349	1757	+30.24%	+26.79%
SSW	SIBANYE-S	2025-05-21	2404	3269	+35.98%	+31.12%
APN	ASPEN	2026-02-14	12515	15032	+20.11%	+47.98%
BHG	BHP-GROUP	2025-12-06	50350	66222	+31.52%	+51.60%
PAN	PAN-AF	2024-01-31	430	1985	+361.63%	+146.99%

Opinions (Top 5)

Code	Name	Date	Action
NY1	NINETY-1L	2026-07-20	View Ninety-One is an asset management company spun out of Investec and separately listed on Monday 16th March 2020. The listing occurred just as the corona epidemic was causing world stock markets to crash so the shares fell more than 40% below their pre-listing range on the first day. There was no initial public offer (IPO). In our view this massive blue chip share is significantly under-valued at current levels. The company's employees now own 22,5% of its equity. Obviously, this company's performance was impacted by the decline in equities since the pandemic - but the value of its assets under management (AUM) was rising as markets around the world recovered. In its results for the year to 31st March 2026 the company reported assets under management (AUM) up by 31% to GBP171,8bn and headline earnings per share (HEPS) up 2%. The company said, "The demand recovery for emerging markets is visible and our offering competitive. We are in a stronger position than a year ago". This share is directly impacted by the direction of the trend on Wall Street and world markets. Technically, the share entered a downward trend in February 2026 and may now represent a buying opportunity on a P:E of 11,37 (17/7/2026). The company confirmed its assets under management at the 30th of June 2026 at GBP184 billion compared to GBP171.8 billion on the 31st of March 2026. Over the past year the Sanlam UK active asset management business has been taken over by Ninety One adding GBP18,3bn to its AUM.
VAL	VALTERRA	2026-07-20	View Valterra, (VAL) was previously Anglo American Platinum, or Amplats, and is the second largest platinum producing company in the world (after Sibanye), producing a large portion of the world's platinum. VAL was one of the first platinum mining companies in South Africa to move away from expensive deep-level mining towards shallower, more mechanised mining. The company has reduced the number of mines it is operating from 18 to 7 over 5 years, decreased overheads by 50% and its number of employees by 50%. This shift is now paying dividends. The Mogalakwena open-cast operation is a palladium-rich operation with costs in the lowest quartile in the platinum group metals (PGM) industry world-wide. A new project at Mogalakwena will see platinum production up by 250 000 ounces and palladium production up by 270 000 ounces. The company also recently bought out Glencore's 40,2% stake in their joint venture Mototolo mine and the adjacent Der Brochen property for R1,5bn. Mototolo is a highly mechanised shallow mine which can be extended into Der Brochen without putting in new surface infrastructure. The platinum price is plagued by an effective re-cycling industry which produces about 2 million ounces a year by recovering from old auto catalysts. In its results for the year to 31st December 2025 the company reported revenue up 7% and headline earnings per share (HEPS) up 98%. The company said, "Our M&C production volumes of 3.2 million PGM ounces and refined production of 3.4 million PGM ounces were both marginally above guidance. Our operational excellence and pit-optimisation efforts delivered positive results, including a 22% reduction in the strip ratio at Mogalakwena". In an update on the 3 months to 31st March 2026 the company reported PGM production up 7%. The company said, "Purchase of PGM concentrate (POC) increased by 10% to 257,300 ounces, reflecting an improvement in operational performance from the various third-party producers from which we purchase concentrate. PGM sales volumes for the quarter increased by 60%". In a trading statement for the six months to 30th June 2026 the company estimated that HEPS would be between 7047c and 8456c compared with 473c in the previous period. The company said, "Earnings increased during the period, supported by a combination of an 18% increase in PGM sales volumes and significantly stronger PGM prices. The PGM dollar basket price increased by 85% to $2801 per PGM ounce". Technically, the share was moving sideways from September 2023 to June 2025, mainly due to the challenges faced by the industry including loadshedding and falling PGM prices, but is now responding to rising PGM prices and moving into a strong upward trend. We added it to the Winning Shares List (WSL) on 2nd July 2025 at 83183c and it has since gone up to 186439c (27-2-26). Since then it has fallen back to 108037c (17-7-26). It remains a volatile commodity play.
PPR	PUTPROP	2026-07-20	View Putprop (PPR) is a property company which was spun out of Putco (the bus company) and separately listed on the JSE in July 1988. The company owns 16 properties in industrial, retail and office with a gross lettable area (GLA) of 97601 square meters and a value of R1095m. In its results for the six months to 31st December 2025 the company reported rental income of R72,3m down from the previous period's R74,8m. The company's headline earnings per share (HEPS) fell to 24,19c compared with 28,35c in the previous period. In a trading statement for the year to 30th June 2026 the company estimated that it would make a headline loss of between 5,26c and 17,44c compared with a profit of 60,86c in the previous period. From a private investor's perspective, the main problem with this share is that it is relatively thinly traded with many days on which there are no trades at all. It is clearly not a share that the institutional investors are interested in. We believe that there are better counters in the property sector.
BHG	BHP	2026-07-17	View BHP is a world-wide commodities company with its headquarters in Melbourne, Australia. It processes minerals, oil and gas and it has 62000 employees, mostly in the Americas and Australia. It produces copper, iron, coal, oil, and gas. BHP owns 57,5% of the Escondida mine in Chile which is one of the world's largest copper producers and also produces some gold and silver. It owns 33,75% of Antamina in Peru which produces copper and zInc. It owns 100% of Pampa Norte which produces copper cathode in the Atacama Desert in Northern Chile. It owns 50% of Samarco in Brazil which produces iron ore and a one third interest in Cerrejón in Colombia which produces coal from an open-cut coal mine. It owns mineral rights in Saskatchewan in Canada which contains one of the world's largest unexploited potash deposits. In Australia, BHP owns Olympic Dam which is one of the world's largest copper, uranium, and gold ore bodies. It also owns Western Australia Iron Ore which is a system of five mines connected by more than 1000km of railway lines. It owns Queensland Coal which comprises the Mitsubishi Alliance and Mitsui Coal. It also owns the Mt. Arthur open-pit coal mine in New South Wales. It owns Nickel West which is a nickel mine with smelters, concentrators, and a refinery. In the petroleum field it owns high quality resources in the Gulf of Mexico, Australia, Trinidad, and Tobago. This is a diversified international mining company which is impacted directly by commodity prices and hence from any recovery in the world economy. In its results for the year to 31st December 2025 the company reported a 30% growth in copper production with copper now accounting for 51% of its earnings before interest, taxation, depreciation, and amortisation (EBITDA). The company said, "BHP is the world’s largest copper producer and with strong performance at Escondida, and solid contributions from our other operations in Chile and South Australia, we have increased FY26 group copper guidance to 1.9 – 2.0 Mt. This is allowing us to maximise increased earnings from the recent run up in copper prices as well as gold". In an operational update on the nine months to 31st March 2026 the company reported a "Strong operational performance in copper and iron ore. Our balance sheet remains strong, and in the last month we have realised ~US$4.8 bn by completing the Antamina silver streaming transaction". In an update on the year to 30th June 2026 the company said, "For the second consecutive year, we produced around 2 Mt of copper and delivered record iron ore production, demonstrating the power of a disciplined operating system and world-class assets". The share was rising steadily since April 2025 and we added it to the Winning Shares List (WSL) on 5th December 2025 at a price of 50350c. It has since risen to 66903c (16-7-26) and we expect it to go further. It remains vulnerable to commodity prices. On 18th March 2026 the company announced that Brandon Craig would succeed Mike Henry as BHP CEO on 1st July 2026.
KRO	KAROO	2026-07-17	View Cartrack was folded into a new international listing under the name Karoo (KRO) on 21st April 2021. It operates a vehicle recovery, insurance, telematics, and fleet management company operating in twenty-four countries around the world. It has a 92% recovery rate, which it claims is the best in the industry. It has very rapid organic growth, having grown its subscriber base by 21% compound over the past six years. Approximately 96% of the company's turnover is annuity income. The founder, Zak Calisto, owns 68,5% of the Singapore firm called "Karooooo". Given its rapidly growing annuity income and its rand-hedge character, we regard this share as an ideal investment for private investors. It is attracting strong institutional intereSt. The company has almost no working capital and its annuity income ensures that its overheads are already covered before it opens its doors at the beginning of each month. We suggest that you accumulate this share on any weakness. On 7th December 2020, the company announced that it would list the company on the NASDAQ with an inward listing on the JSE. This enables the company to raise funds on the international market. On 12th February 2024 the company announced that it would be buying back up to 1 million of its own ordinary shares in the market. In its results for the year to 28th February 2026 the company reported subscription revenue up 18% and subscriber numbers up 16% to 2,66m. Earnings per share (EPS) decreased 11% and operating profit was down 12%. The company said, "Cartrack's SaaS annualized recurring revenue ("ARR") increased 18% to ZAR5,179 million (Q4 2025: ZAR4,384 million). Karooooo Logistics's B2B delivery-as-a-service ("DaaS") revenue increased 32% to ZAR145 million (Q4 2025: ZAR110 million)". In an update on the first quarter to 31st May 2026 the company reported Cartrack subscribers up 18% to 2,8m and subscription revenue up 19%. The company said, "Karooooo Logistics's B2B delivery-as-a-service ("DaaS") revenue accelerated to 46% reaching ZAR177 million (Q1 2026: ZAR121 million)". We continue to regard this as a "must have" investment for private investors and it should be bought on any weakness.

Winning Share: PAN

Opinion: VAL

The Hyprop Investment (2026-07-20)

Property shares do not generally make very exciting investments – but they make up for that by being very secure. Their security lies in the fact that their net asset value (NAV) is mostly comprised of very conservatively valued properties. Other companies often have insubstantial assets in their…

The property market is recovering from the impact of COVID-19 which saw many good quality property companies trading at a fraction of their NAV. The big institutional investors who make up 90% of the JSE really like secure investments. They were shaken out of property shares by COVID-19, but they are gradually regaining their appetite for them.

One of the best examples of an institutional share that lost favour in 2020 is Hyprop which reached a low point of 1467c on 24th April 2020 – less than 20% of its NAV at the time. By anyone’s measure at that price it was a raging bargain.

Back then we were not yet producing the Winning Shares List (WSL) but we wrote an article about Hyprop which we published on 23rd November 2020 after the share completed a double bottom or island formation and it began to appreciate. Consider the chart:

Hyprop Investments Ltd (HYP) : March 2016 - 17th of July 2026. Chart by ShareFriend Pro.

The double bottom formation is a very solid and visible indication that a long downward trend is almost certainly over. At the time we recognised that Hyprop had broken up out of its island and was beginning to appreciate.

It took another two years before the institutional investors finally recognised its value and began buying it up in earnest. It began to recover and then we added it to the WSL on 15th August 2024 at 3439c. Since then, it has been appreciating steadily.

You will note that at its peak, back in August 2016, Hyprop reached a record high of 14100c – at which time it was trading almost 50% above its NAV of the time. On Friday last week it closed at 6052c – which was just below its NAV of 6443c. So, we see it as having some considerable further upside potential given the gradual improvement in the South African economy.

When thinking about this company you cannot help being impressed by the high quality of the assets which it owns. These include Canal Walk in the Western Cape, Somerset Mall, Hyde Park Corner, Rosebank Mall, and Clearwater Mall. These assets are almost always close to fully let (3,1% vacancies on average) and patronised by high-end A/B income group shoppers. At year-end on 31st December 2025 the company had a loan-to-value of just 31% - which means that it has plenty of headroom for further acquisitions.

In a pre-close operational update for the five months to 31st May 2026 the company reported a 4,5% improvement in collections and a 5,5% improvement in tenants’ turnover. The company said, “Demand for space remains exceptionally high, with a 0% vacancy rate in May 2026.”

We have no hesitation in recommending this share for your investigation, especially if you are looking for a more conservative long-term investment with a low risk profile.

Altron - 2026 Results (2026-07-13)

Altron is one of the best companies listed on the JSE and a long-time favourite of ours. We first added it to the Winning Shares List (WSL) back in November 2023 when the share was just 949c. Just over 2 years later in January 2025 it reached a high point of 2439c (10-1-25). After that it moved sideways for the next sixteen months and we only again became interested in it following its trading statement published on 12th February 2026 where it predicted that the headline earnings per share (HEPS) from on-going operations would increase by at least 30%.

After an investigation we decided to again add it to the WSL on 15th April 2026 at a price of 2199c. That was just 3 months ago, and the share has since gone up by an impressive 30% - which equates to about 125% per annum. Consider the chart:

Altron (AEL) : July 2023 - 10th of July 2026. Chart by ShareFriend Pro.

This story is an object lesson in paying attention to the messages which listed companies regularly post on the Stock Exchange News Service (SENS) especially their trading statements. In a trading statement the board of directors give their best assessment of what the company’s HEPS will be in its next set of financial statements.

In Altron’s case their first trading statement was published more than 3 months before its financials came out on 25th May 2026. This gives the active private investor plenty of time to investigate thoroughly and even to visit the companies place of work and try to speak to one of its directors.

When the results finally came out, the share price shot up because they were truly exceptional in a number of respects. Firstly, HEPS from continuing operations rose by a solid 34% and secondly the company showed that they were completely debt-free and had more than R1bn in cash in the bank. As soon as the institutional fund managers saw those points and various other strong ratios in the company’s financials they immediately began buying up as many shares as they could lay their hands on. The result is that the share rose to a new record high of 3005 on 15th June 2026. Since then, it has been moving sideways.

My point is that everything that I have said in this article was in the public domain and you could easily have taken advantage of it. Hopefully, some of you did. The JSE regularly provides excellent highly profitable investment opportunities for those private investors who are willing to a little homework. Your Share Friend software gives you a complete up-to-date list of all the SENS messages published by every listed company every day. All you need to do in Share Friend is hold down the Alt key and press the letter “S”.

Follow-up

In last week’s article on candlestick charting as it is applied to the S&P500 index, I drew attention to the fact that the S&P was in a triangle formation and I suggested that it would almost certainly break out of that formation to the upside fairly soon. Well, it has now done that. Look at the chart:

S&P500 Index : 2nd June 2026 - 10th of July 2026. Chart by ShareFriend Pro.

In our view it will almost certainly now break to a new all-time record high very soon.

The most notable observation of the week was just how little the oil price went up when Trump decided to resume his bombing of Iran and the Strait of Hormuz was once again closed. Clearly the world economy and the stock market have moved on and the Strait can no longer influence the oil price or the world economy as it did in February.

Japanese Candlesticks (2026-07-06)

Long before the Western World had even understood that the study of charts might be beneficial, the Japanese were constructing and studying rice futures charts in a system which today we call candlestick charting. Before candlesticks charts, everyone was using bar charts but today you hardly ever…

What most investors do not know is that there are literally hundreds of candlestick formations each of which have been extensively analysed and have their own particular interpretations. If you are interested in this, you should get hold of a copy of Japanese Candlestick Charting Techniques: A Contemporary Guide to the Ancient Investment Techniques of the Far East, (1991). The author of the book is Steve Nison.

In candlestick charting, each day’s trade is regarded as a battle between the bulls and the bears which is visible in the opening, highest, lowest and closing prices. So, the body of the candle connects the opening and closing prices. A red body shows that the share closed below the open and a green candle shows that the close was above the open. The shadows (i.e. the lines above and below the body) connect the highest and lowest prices that the share reached during the day’s trade.

Candlestick charting features many different types of candles which can help you to see which way the market is moving.

One of the less common ones is a doji star. This is a candle with a very thin body – in other words where the opening and closing prices are very close – but very long upper and lower shadows – which shows that during the trading day, sentiment swung heavily from being very positive to being very negative – but ended up almost unchanged on the day. Consider the example of a doji star below:

Doji Star formation.

Doji stars usually occur at the top or bottom of a trend and are indication that the direction of the trend is about to change.

Since the S&P500 reached its all-time high on 2nd June 2026 (at 7609.78), it has been in a triangle formation. Triangles are usually associated with periods of uncertainty, where the level of uncertainty diminishes until the market decides the future direction of the trend by breaking the upper or lower trend lines decisively. The chart below begins with the low point of Trump’s Iran war correction on the 30th of March 2026.

S&P500 Index : 25th of March 2026 - 30th of June 2026. Chart by ShareFriend Pro.

Shortly after it started going up, the index had a clear hammer formation followed by a gap. The hammer is a very bullish formation which shows that in the battle between the bulls and bears on that day, the bears tried hard to pull the index down, but ultimately could not succeed and it ended slightly up on the day, with the bulls in the ascendancy. The gap which followed that on the next day shows the extent of the bullish sentiment. Then there was a smaller gap in May before the record high was reached.

You will notice that the index has been oscillating since then but that each oscillation has been smaller than the previous one, giving rise to a triangle formation. Last Thursday there was a clear doji star formation. We expect that the index will break up out of the triangle in the next few days.

JSE Top 40

101,222.00 (-0.75%)

All Share

109,570.00 (-0.70%)

Financial 15

26,070.00 (-0.37%)

J200

J203

J212

Top Gainers

#	Code	Name	Close (c)	% move
1	EPS	EASTPLATS	400	+15.94%
2	MDI	MASTDRILL	1690	+11.92%
3	ACL	ARCMITTAL	129	+9.32%

Top Losers

#	Code	Name	Close (c)	% move
1	TLM	TELEMASTR	115	-11.54%
2	ISO	ASPI	6829	-11.08%
3	GPL	GRANPRADE	180	-10.00%

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