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Market View

J200 100,332.00 -1.26% J203 108,335.00 -1.23% J210 105,694.00 -1.21% J211 125,991.00 -1.19% J212 25,417.00 -1.56% J213 139,403.00 -1.34%

Winning Shares (Top 5)

Code	Name	Added	Price	Latest	% Gain	% Gain/Year
IMP	IMPLATS	2025-06-10	15021	17597	+17.15%	+15.34%
PMR	PREMIER	2024-08-21	7635	17775	+132.81%	+69.15%
TBS	TIGBRANDS	2023-12-01	18295	26920	+47.14%	+17.83%
RFG	RHODES	2025-10-17	2000	2489	+24.45%	+54.42%
SUI	SUNINT	2026-03-26	4583	5065	+10.52%	+32.26%

Opinions (Top 5)

Code	Name	Date	Action
AGL	ANGLO	2026-07-24	View With Anglo American (AGL), the risk normally associated with commodity stocks is mitigated in two ways. Firstly, the company has diversity of different minerals which reduces the impact of any one mineral entering a bear trend. Secondly, the traditional mechanism to avoid risk is to have a very strong balance sheet with plenty of headroom. That way, if things turn bad, you can ride out the storm. Anglo has such a balance sheet. Anglo describes itself as a globally diversified mining company with a portfolio of world-class mining operations and undeveloped resources. One of the factors holding the company back has been the poor availability of Transnet’s rail service, especially at Kumba. Its restructuring will leave it with Kumba and its manganese interest in South Africa. In its results for the year to 31st December 2025 the company reported revenue up 5% and earnings per share (EPS) down 28%. The company said, "Strong production and cost performance from continuing operations, delivering: Underlying EBITDA* of $6.4 billion (2024: $6.3 billion) and EBITDA margins* of 49% in Copper and 43% in Premium Iron Ore." On 10th September 2025 the Business Day reported that Anglo had merged with the Canadian copper miner Teck. Anglo will own 62,4% of the merged company. Anglo shareholders will get a dividend of $4.5bn as part of the deal. The news pushed Anglo shares up by 9% on the day. In a production update for the 3 months to 30th June 2026 the company reported copper production up 2%, iron ore up 1% and manganese ore up 20%. The company said, "Rough diamond production increased by 88% to 7.8 million carats, primarily driven by extended maintenance at Orapa which affected the comparative quarter and planned higher-grade ore at both Jwaneng and Gahcho Kue." Technically the share has entered a new strong upward trend since September 2025, probably mainly as a result of the merger with Teck. We expect it to continue performing well, but it remains a volatile commodity play.
KIO	KUMBA-IO	2026-07-24	View Kumba (KIO) is a highly successful iron mining operation which is owned (79%) and controlled by Anglo American. The share price fell to as little as R223 in March 2020 because of COVID-19 but recovered to R668 before falling on the March 2022 quarterly results. Importantly, exports make up 94% of the company's total sales - which means that it is not heavily dependent on local sales but is vulnerable to any strengthening of the rand and the effectiveness of rail transport to ports. The company is planning to build a 100mw solar park over the next 3 years to reduce its reliance on Eskom. The company has had to contend with heavy rain and bad rail performance. On 10th October 2022, Kumba announced that, because of the force majeure at Transnet, it would lose about 50 000 tons of production per day, rising to 90 000 tons after 7 days as a direct result of the Transnet force majeure. Furthermore, they said they would lose about 120 000 tons of exports which will cost them about $8,5m a day in production and $11,7m in lost export revenue. The company is considering 490 retrenchments. In its results for the year to 31st December 2025 the company reported revenue up 2% and headline earnings per share (HEPS) up 18%. The company said, "Average realised free-on-board (FOB) export price of US$95 per wet metric tonne, 12% above benchmark. Cost savings of R673 million. R5.1 billion saved since 2024. Resilient adjusted EBITDA* margin of 46%, up from 41%. Closing net cash* of R14.9 billion." In a production update for the 3 months to 31st March 2026 the company reported total [production down 2% and total sales up 3%. The company said, "Kumba achieved an average realised free on board (FOB) export iron ore price of US$93 per wet metric tonne (wmt) (Q1 2025: US$98/wmt)." In a trading statement for the six months to 30th June 2026 the company estimated that HEPS would fall by between 39% and 43%. Production was down 3% and sales were down 1%. In a production update for the six months to 30th June 2026 the company reported total production down 3% while sales were down 1% mainly as a result of problems with Transnet. The company said, "We achieved an average realised price of US$90 per wet metric tonne (wmt), 8% above the Fastmarkets 62% iron (Fe) free-on-board (FOB) equivalent price." As at the 21st of July 2026, the share was trading at a multiple of 5,51 and a dividend yield (DY) of 10,11%. This compensates the investor to some extent for the commodity risk in this rand-hedge share, but it remains volatile and hence risky. Technically, the share has been in a downward trend since July 2021.
MRP	MR-PRICE	2026-07-24	View Mr. Price (MRP) is a retailer of clothing, household goods and sportswear through shop fronts and online in Africa and Australia. Unlike most retailers, Mr. Price receives most of its sales in cash, but there is a growing credit element. Mr. Price has a reputation for being cheaper than other stores. This was a definite advantage during COVID-19 as consumers tried to stretch the buying power of their income. In our view, this is a good share doing extremely well in a very difficult industry, especially in the current economic environment in South Africa. There is little doubt that Mr. Price has grown its market share at the expense of other clothing retailers during the COVID-19 period. On 15th March 2021, the company announced the acquisition of Yuppiechef, a primarily online retail kitchenware business for an undisclosed amount. In its results for the 52 weeks to 28th March 2026 the company reported revenue up 4,2% and headline earnings per share (HEPS) up 8%. The company said, "The group's retail sales growth of 4.3% (FY2025: 7.8%) was higher than the Retailers' Liaison Committee (RLC) growth of 4.0% (FY2025: 5.0%). The group expanded its annual gross profit (GP) margin by 70bps to 41.2%, despite the retail sector being highly promotional." In a trading update for the 13 weeks to 27th June 2026 the company reported group retail sales up 45,3%. The company said, "This performance includes the contribution from the recently acquired Pegasus Group Holding (NKD)." Excluding NKD total retail sales were up 3,2%. Technically, the share has been drifting down since its peak in December 2024 and has definitely become "oversold". We regard it as good value at the current level. In our view, this is a very high quality share that should be accumulated on weakness. On a P:E of 10,99 on the 24/07/2026, it is beginning to look really cheap. On 17th March 2026 the company announced that its deal to acquire 100% of the Pegasus Group (NKD) had become unconditional.
CSB	CASHBIL	2026-07-24	View Cashbuild (CSB) is the largest retailer in Southern Africa of building materials and related hardware, concentrating on the home improvements market. In the currently depressed economies of Southern Africa, most of the company's growth comes from opening new stores. Clearly, this is a share which is positioning itself for survival and to benefit from any general recovery in economic conditions in Southern Africa. In its results for the six months to 28th December 2025 the company reported revenue up 3% and headline earnings per share (HEPS) up 16%. The company said, "Revenue for stores in existence prior to July 2024 (pre-existing stores - 307 stores) increased by 1% and the 15 new, refurbished and acquired stores contributed 2% growth. Transactions through the tills increased by 4%. Selling price inflation was 0.8 % at the end of December 2025." In an operational update for the third quarter to 31st March 2026 the company reported revenue up 9% with 4% coming from its 301 existing stores and 5% from 16 new stores. Selling inflation was 0,6%. In an operation update for the 4th quarter to 30th June 2026 the company reported revenue up 6% and selling inflation of 1,5%. Technically, the share is moving sideways at the bottom of a long downward trend. It is now at 11700c (23-7-26), with a P:E of 10,24 and a dividend yield of 4,74%. Cashbuild is an extremely well-managed company and well-positioned to take advantage of any improvement in local economic conditions since the advent of the government of national unity (GNU), but it is in a tough and highly competitive industry that has been impacted by the sharp rise in fuel prices.
RNI	REINET	2026-07-22	View Reinet (RNI) is an investment holding company whose main asset for many years was a stake in British American Tobacco (BAT). In its financial results for the year to 31st March 2026 the company reported a net asset value (NAV) of 36,31 euros, down from the previous year's figure of 38,04 euros. The company said, "Ordinary and special dividends received from Pension Insurance Corporation Group Limited during the year amounted to EUR 303 million - Reinet sold 100 per cent of its holding in Pension Insurance Corporation Group Limited to Athora Holding Ltd for proceeds of some EUR 3.3 billion". At 30th June 2026 the company had an NAV of 38,87 euros per share and 171,3m shares in issue. The share, which acts as a rand-hedge due to its euro-denominated assets, fell from a high of R343 in February 2020 to a low of R246 in March 2020 as a result of COVID19. A technical breakout above its long-term downward trendline occurred on 16 September 2019 at R270. On 27th May 2026 the share fell heavily on its latest results but remains in a long-term upward trend. Investors should consider the rand’s prospects when evaluating this stock, but we believe it represents good value at current levels.

Winning Share: SUI

Opinion: KIO

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

100,332.00 (-1.26%)

All Share

108,335.00 (-1.23%)

Financial 15

25,417.00 (-1.56%)

J200

J203

J212

Top Gainers

#	Code	Name	Close (c)	% move
1	EPS	EASTPLATS	798	+99.50%
2	HUG	HUGE	120	+33.33%
3	FTA	FTAPROPA	1989	+23.85%

Top Losers

#	Code	Name	Close (c)	% move
1	EUZ	EUROMET	24	-41.46%
2	MTU	MANTENGU	23	-28.13%
3	ENX	ENXGROUP	201	-18.62%

PDSNET Market Snapshot