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Market View

J200 108,993.00 +0.36% J203 116,786.00 +0.17% J210 137,990.00 +0.90% J211 126,800.00 -0.46% J212 24,869.00 +0.58% J213 137,809.00 +0.12%

Winning Shares (Top 5)

Code	Name	Added	Price	Latest	% Gain	% Gain/Year
SUR	SPURCORP	2023-08-08	2488	4012	+61.25%	+23.68%
ADH	ADVTECH	2023-08-14	1975	3913	+98.13%	+38.18%
CGR	CALGRO-M3	2023-08-15	356	530	+48.88%	+19.04%
CAA	CA-SALES	2023-08-25	775	1425	+83.87%	+33.02%
CPI	CAPITEC	2023-11-04	185496	427169	+130.28%	+55.55%

Opinions (Top 5)

Code	Name	Date	Action
HAR	HARMONY	2026-03-10	View Harmony (HAR) was probably South Africa's most marginal gold mine until it got Mponeng gold mine working effectively. The development of this mine and its processing plant are expected to cost around US$2,8bn - and Harmony does not at this stage have its share of that cash (about R20bn). During 2021 the company purchased Mponeng gold mine for R4,2bn. Mponeng is the world’s deepest mine and has all the problems of ultra-deep level mining. The company is building a 30mw solar park in the Free State and has plans to build a further 80mw of green power. On 6th October 2022, the company announced that it had agreed to buy 100% of the Eva copper project in Australia for R4,1bn. Harmony remains a volatile gold producer and hence risky - although recent acquisitions could change its direction significantly, taking it out of precious metals. Eva is only expected to commence production in 3 years and is expected to add 260 000 ounces of gold and 1,7 billion pounds of copper to Harmony's reserves. On 3rd April 2024 the company announced that it had signed a wage deal with all of its unions for the next five years. In its results for the year to 30th June 2025 the company reported headline earnings per share (HEPS) up 26% and record free cash flow of R11,1bn. The company reported, "3% increase in underground recovered grades to 6.27g/t from 6.11g/t. 5% decrease in total gold production to 46 023kg (1 479 671oz) from 48 578kg (1 561 815oz), within guidance. Increase in production of 19% at Mponeng, with exceptional recovered grades of 11.27g/t." In an update on the 3 months to 30th September 2025 the company reported gold production down 8% and all-in sustaining costs up 15%. Recovered grades were also lower at 5,91 grams per ton with Mponeng recording 10,54 grams per ton. Gold revenue was up 20% due to a sharply higher gold price received. The company said, "On 24 October 2025, we completed the acquisition of MAC Copper, owner of the high?grade CSA mine in Cobar, Australia." Technically, the share, while volatile, is in a strong upward trend. It is a play on the gold price and the rand/US dollar exchange rate. It was added to the Winning Shares List (WSL) on 16-11-23 at 9920c. On 27th May 2025 the company announced that it had acquired the Australian gold and copper company MAC for $1,03bn (R18,4bn) in cash to diversify its income stream. On 4th June 2025 the company announced the death of an employee - the tenth such death in six months according to Business Day. On 24th November 2025 the company announced its decision to proceed with the Australian Eva copper and gold project which is a low cost open pit operation. In a guidance statement on 3rd February 2026 the company said it expects a "...solid performance in the six months to 31st December 2025", adding, "We still expect to meet our full-year production guidance of between 1 400 000 and 1 500 000oz, at an all-in-sustaining cost (AISC) of between R1 150 000/kg to R1 220 000/kg and underground recovered grade at above 5.8g/t". In a trading statement for the six months to 31st December 2025 the company estimated that HEPS would increase by between 11% and 17% in rands.
MPT	MPACT	2026-03-10	View Mpact (MPT) is a large producer of paper and plastics packaging in Southern Africa. It recycles paper and cardboard and makes corrugated cardboard containers for a variety of industries as well as polystyrene trays for the food industry. It has 20 manufacturing operations with South African sales accounting for 86% of its business. It employs over 5000 people. The business is impacted by the general level of consumer spending (which has been depressed because of COVID-19 and was improving at least until the advent of the Ukraine crisis) as well as weather considerations which affect the demand for corrugated containers for fruit and other agricultural products, especially in the Cape. Like many businesses in the current environment, Mpact has been working to preserve cash, but it has benefited from a switch to local suppliers during the pandemic. In its results for the year to 31st December 2025 the company reported revenue up 5% and headline earnings per share (HEPS) of 307c compared with 324c in the previous period. The company said, "The Group's results for the year ended 31 December 2025 were delivered in an operating environment that remained demanding, with mixed performances across the portfolio, but affirmed the strategic choices made in recent years". The share fell from a high of R51 in April 2016 to levels around R8 in March 2020 but has since recovered to R21,78 (9-3-26). At the current level it is on an earnings multiple of 7,55 - which looks cheap. Technically, the share has been moving sideways and downwards since its peak in January 2022.
AVI	A-V-I	2026-03-10	View Anglovaal Industries (AVI) is a generalised producer of consumer products in the food, cosmetics, and apparel sectors. It has a diverse range of very well-known South African brands such as I&J fish, Five Roses tea, Salticrax, Frisco, Provita, Yardley, Spitz and Kurt Geiger. The company announced that it had sold its Australian sea food company Simplot for R633m yielding a net after-tax profit of about R370m. Over the decades, this share has undoubtedly been one of the best blue chips trading on the JSE. Its share price has shown a remarkable rise over the past twenty years. 20 years ago, the share was trading for around 150c and today it trades for about R65 at a cyclical low point. It has been a steady payer of dividends throughout that period. An investment in Anglovaal is an investment in the South African economy, but one which has shown itself to be virtually recession-proof until COVID-19. The corona virus has had an impact on consumer spending and the AVI share price fell quite heavily because of this. More recently it has been falling because of the crisis in Ukraine. In its results for the year to 31st December 2025 the company reported revenue up 4,9% and headline earnings per share (HEPS) up 11,7%. The company said, "Robust cash generation - Return on capital employed of 35,9% for the 12 months to December 2025 - Interim dividend of 245 cents per share, up 11,4%". On a P:E of 14,12 and a dividend yield (DY) of 4,87% the share looks reasonably priced, even cheap. Technically, the share was falling since November 2024, but has now begun a new upward trend. In our view, this company will improve as the South African economy improves and it should be accumulated on any significant weakness.
MRF	MERAFE	2026-03-10	View This is a ferrochrome operation controlled by Glencore which operates mines, furnaces and smelters in Mpumalanga and Limpopo. The Glencore-Merafe joint venture can produce up to 2,3m tons of ferrochrome per annum. Merafe gets 20,5% of the proceeds and the balance goes to Glencore. The problem is electricity supply, because smelters require huge amounts of current. The 15,6% increase in Eskom tariffs last year was a major factor and the current year's increase of just under 10% from 1st April 2022 is a further problem. The company is concerned about Eskom's ability to supply additional power for expansion. Their Lion 3 expansion has accordingly been suspended until this difficulty can be overcome. All smelters except Lydenburg are operating. The availability of trains from Transnet to move its product is another problem. Obviously, this is a commodity share and has risks, but the world's demand for stainless steel did increase with the economic boom in America, but that now appears to be coming to an end. In its results for the year to 31st December 2025 the company reported revenue down 31% and headline earnings per share (HEPS) down 72%. The company said, "Profits declined significantly to R143 million mainly due to lower ferrochrome sales and a stronger ZAR:USD exchange rate". The rising cost of electricity is major problem for this company. Technically, the share reached a high of 192c on 4th April 2022 and was trending down or moving sideways since then. It has found some support at 104c per share where it has made a "double bottom" formation. It is rising off that formation, but remains a volatile commodity share.
SUI	SUNINT	2026-03-10	View Sun International (SUI) is a casino and hotel operator with interests in South Africa, Chile, Peru and recently, Argentina. The depressed economy in South Africa impacted on the performance of South African casinos and hotels even before COVID-19. The company increased its stake in Sun Dreams in Peru by 10% to 65%. It also bought a hotel and casino in Argentina for $25,5m. The company invested R4bn in the Time Square casino near Pretoria which was beginning to perform before COVID-19. The group also owns well-known South African casino/hotel operations like Sun City, Carnival City and Grand WeSt. The share has fallen from a high of R142 in February 2015 to current levels around R40. At this level its debt was close to double its market capitalisation. The company plans to sell its Nigerian interests and has received a number of offers. It has not paid any dividend in the past two years and only expects to resume dividends in a further two years or so. The company retrenched 2195 staff and its debt fell sharply. In its results for the six months to 30th June 2025 the company reported income up 6,7% and headline earnings per share (HEPS) up 60,5%. The company said, "Group continuing adjusted EBITDA declined by 3.8% to R1.6 billion. Excluding the impact of the TBH lease cessation, group continuing adjusted EBITDA rose by 1.1%. The group's adjusted headline earnings grew by 5.9% to R555 million, translating to adjusted headline earnings of 229 cents per share, a 6.5% increase from the prior period." In a trading statement for the year to 31st December 2025 the company estimated that HEPS would increase by between 35,3% and 39,9% while adjusted HEPS would increase by between 4,3% and 7,7%. Technically, the share has been in a volatile upward trend since its low point in May 2020. It should continue to recover. On 24th March 2025 the company announced that Mr A. Leeming would retire as CEO and be replaced by Mr U. Bengtsson.

Winning Share: CGR

Opinion: AVI

The Iran Correction (2026-03-09)

Trump’s decision to bomb Iran and kill the Supreme Leader of over 200 million Shia Moslems was taken without the consideration and approval of Congress and without the cooperation of other Western countries. It is the typical act of a dictator and has embroiled America in what looks like an unplanned war situation. This may prove to be very difficult to conclude on any reasonable basis, and especially without a significant cost both in money and American lives.

Combined with other disturbing economic data, this has taken Wall Street out of the sideways pattern that it has been in since late last year and put it into a correction. The S&P500 index has so far fallen 3,4% from its all-time record high of 6978.6 on 27th January 2026. Consider the chart:

S&P500 Index: 4th of November 2025 - 6th of March 2026. Chart by ShareFriend Pro.

Part of the problem is the increasingly negative data coming out of the US economy, especially in the labour market. The most recent US jobs report showed that the US economy lost 92 000 jobs in February 2026.

Disturbingly, the steadily deteriorating monthly jobs numbers are an indication either that either the economy may be headed into recession or that the spread of artificial intelligence (AI) technologies is putting a large number of Americans out of work. Consider this chart published on Friday last week by CNBC:

Monthly job creation in the US: 2022 - March 2026. Available at:

https://www.cnbc.com/2026/03/06/february-2026-jobs-report.html

This shows a pattern of falling job creation going back to the beginning of 2022 and becoming steadily more negative in recent months. Combined with this, the unemployment rate has also been edging up and came in at 4,4% in February. This is somewhat higher than the unemployment rates below 4% which characterised the end of Joe Biden’s presidency, painting a concerning picture.

In our view, the productivity benefits of new technologies like AI should, in the medium term, more than compensate for the inevitable loss of jobs. In effect, the US economy is adjusting rapidly to a radically disruptive force which is reshaping the business environment and causing a sharp re-allocation of capital. Some businesses will benefit and others will disappear for ever.

In the longer term, once the dust settles, the economy should emerge stronger and that is why we believe that this is probably a correction rather than a new bear trend – but you will notice that what looks like a correction right now could develop into a head-and-shoulders formation if the record high of 6978.6 on the S&P is not broken when the market recovers.

At the moment, the positive news coming out of the tech sector is being off-set by the bad news on the political front and Trump’s war in Iran. If we are lucky, the war in Iran will be resolved on some basis - probably because he will probably back down in the face of increasing pressure both at home and abroad. If this happens in a relatively short time, the market will turn its attention back to the rapid progress of new technologies and hopefully recover to make a further new all-time record high in due course.

AngloGold Ashanti (2026-02-23)

It is no secret that precious metals prices have been running. Most of the best-performing shares on the Winning Shares List (WSL) are mining companies with interests either in gold or platinum group metals (PGM). Gold in particular has dominated the investment world. The metal has risen 145% in US dollars since it broke up through resistance at $2060 at the beginning of March 2024, as reported in the Confidential Report of that month. Consider the chart:

Price of Gold in US dollars : September 2023 - 20th of February 2026. Chart by ShareFriend Pro.

As you can see here the break above resistance at $2060 sparked a strong upward trend. There was another period of resistance at $3424 in the middle of last year which was finally broken to the upside in early September. Gold may now, once again, be in for a period of consolidation, but the trend is clear.

The rising gold price is primarily due to central banks choosing to buy and hold gold as their most secure asset, rather than US Treasury Bills, despite the fact that gold offers no return. This is a testament to the rising levels of perceived geo-political risk in the world and gold’s ancient and undisputed status as the world’s most secure asset.

AngloGold has been a great beneficiary of the rising gold price. In its latest financials for the year to 31st December 2025, the company reported a 16% increase in production combined with a 45% increase in the average gold price received. Costs were flat in real terms which generated a massive 186% increase in headline earnings.

The company's total cash costs increased 7% over the year to $1242 per ounce with all-in-sustaining costs (AISC) of $1709 – against a gold price of over $5000. This is an immensely profitable company. Total dividends paid for the year amounted to $1,8bn or 357c (US) per share – which is R57.19.

The company was originally formed to consolidate the gold interests of Anglo American in South Africa. Those interests included ERGO, Eastvaal, Southvaal, FreeGold, Elandsrand, Joel and Western Deep. Today, AngloGold owns no South African mines at all. It has 11 mining operations on 4 continents, and it has moved its head office to New York and its primary listing to the New York Stock Exchange (NYSE). Given that South Africa still has more than 5000 tons of proven underground gold reserves, this is a sad reflection of ANC’s hostile attitude towards the mining industry in this country over the past 30 years and what that has cost us.

We added AngloGold to the WSL on 5th March 2024 at a price of 38932c – mainly because we could see that gold was breaking up through that key level at $2060. Since then the share has risen to 179102c – a gain of almost 340% in 718 days or 172,6% per annum. Consider the chart:

AngloGold Ashanti (ANG) : February 2024 - 20th of February 2026. Chart by ShareFriend Pro.

AngloGold is constantly adjusting its portfolio, adding exciting new gold prospects while divesting itself of non-performing assets. During 2025 it acquired Centamin which is proving to be a great addition. It also made three further acquisitions in Nevada. These acquisitions have increased the company’s mineral reserve to 36,5 million ounces – a 17% increase on 2024. This means that the company will be able to continue mining profitably for many years, especially considering its very low cost of extraction.

In our view, this share is speculative because it is dependent on the international price of gold over which it has no control. But it is geographically diversified and extremely well managed with relatively low costs and minimal debt. We believe that it will continue to perform well.

Hudaco Latest Financials (2026-02-16)

In their latest financials for the year to 30th November 2025 Hudaco describes itself as “...a South African group specialising in the importation and distribution of a broad range of high-quality, branded automotive, industrial and electronic consumable products, mainly in the southern African…

It has long been one of our favourite shares on the JSE and we have written two articles extolling its virtues the first on the 7th February 2021 and the next on the 14th of February 2022. It is essentially an investment in the growth prospects of the South African economy. It is not a dramatic performer, but rather a company that is growing steadily both organically and through careful bolt-on acquisitions.

It is well worth taking the time to read their latest financials for the year to 30th November 2025. The fundamentals revealed in their figures should make any investor in their shares feel happy.

Their turnover for the year increased by 4,4% - which is barely above the inflation rate but still shows growth in real terms. What is impressive, however, is that out of that turnover, they managed to increase their operating profit by 8,9% and their headline earnings per share by 15,7% - and this is after taking a R104m goodwill impairment. Their return on equity (ROE) for the whole group was 17% and would have been 19,5% without the impairment. This shows that they kept costs tightly controlled while improving efficiencies across the board – in other words, that they have excellent management.

During the year the company made two acquisitions – Isotec and Flosolve – both of which have now been integrated into the business. Their results are only included for six and seven months respectively – so we can expect them to have a much greater impact on the current year’s results.

Consider the chart:

Hudaco (HDC) : October 2020 - 13th of February 2026. Chart by ShareFriend Pro.

The chart shows that following COVID-19, Hudaco reached a low point of 5616c on 25th May 2020. Since then it has been rising steadily. We wrote about it in our article on 7th February 2021 by which time the share has reached 10046c and then again, a year later, on 14th February 2022 when it was at 15762c. Since then, the share has climbed to 20680c and looks poised to go higher.

This business supplies a variety of products to the mining industry and so is benefiting indirectly from the rising prices of platinum group metals (PGM), gold and copper. They are also benefiting from the on-going reduction of interest rates and the falling cost of petrol in South Africa which directly impact on the profits of their customers.

The current price/earnings ratio (P:E) is only 8.9 which is roughly half of the JSE’s average P:E of 16,8. This shows that its value is not yet fully appreciated by institutional investors. With an average daily volume traded of more than R3,5m, Hudaco is certainly more than adequate for private investor requirements and can now accommodate small institutional investments comfortably.

We expect this share to continue to grow, especially considering its proven track record of conservative and effective management combined with its policy of making regular bolt-on acquisitions. If you are positive about the prospects of the South African economy in the medium term, then this share is well worth your consideration.

JSE Top 40

108,993.00 (+0.36%)

All Share

116,786.00 (+0.17%)

Financial 15

24,869.00 (+0.58%)

J200

J203

J212

Top Gainers

#	Code	Name	Close (c)	% move
1	RNG	RANGOLD	120	+18.81%
2	ISB	INSIMBI	70	+11.11%
3	KRO	KAROO	78820	+5.80%

Top Losers

#	Code	Name	Close (c)	% move
1	AII	AIMIA	0	+0.00%
2	EUZ	EUROMET	25	-26.47%
3	BAC	AFBITCOIN	765	-19.47%

PDSNET Market Snapshot