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Market View

J200 111,222.00 +3.92% J203 119,166.00 +3.61% J210 135,986.00 +6.46% J211 132,952.00 +2.55% J212 25,457.00 +2.23% J213 143,029.00 +2.44%

Winning Shares (Top 5)

Code	Name	Added	Price	Latest	% Gain	% Gain/Year
SSW	SIBANYE-S	2025-05-21	2404	5561	+131.32%	+136.95%
S32	SOUTH32	2025-12-02	3715	5013	+34.94%	+82.28%
SDL	SOUTH-PD	2025-09-09	725	1995	+175.17%	+267.52%
N91	NINETY-1P	2025-05-13	3796	4949	+30.37%	+30.97%
AEL	ALTRON-A	2026-04-15	2199	2225	+1.18%	+20.55%

Opinions (Top 5)

Code	Name	Date	Action
KAL	KAL Group	2026-05-07	View Previously, Kaap Agri, the KAL Group is an agricultural company owned 40,9% by Zeder, which is, in turn, 43,7% held by PSG. The company operates through over 190 retail outlets offering a wide range of products and services mainly to the farming community. Kaap Agri has seven divisions: (1) Pakmark offers a wide range of packaging materials for the local and export markets, especially to the fruit industry. (2) Agrimark has over 70 stores in South Africa and Namibia offering a wide range of animal feeds, gardening equipment, tools, outdoor and camping equipment and pet accessories. (3) Liquormark offers a wide range of liquor products from beers to wines, spirits and mixers. (4) Kaap Agri Mechanisation offers farming machinery and equipment. (5) Wesgraan offers grain handling and management services. (6) Expressmark supplies fuel, especially diesel, mainly to the farming community. It also has convenience stores. (7) The Fuel Company (TFC) aims to be the market leader in the independent fuel retail market in South Africa. The group's product diversity has reduced its exposure to weather conditions in the agricultural sector, especially in the Western Cape, but it remains essentially a retail outlet which focuses on the agricultural sector and as such its results are impacted by the general level of consumer spending in South Africa and the state of the local economy as well agricultural conditions. On 4th October 2021 Kaap Agri announced that it had sold its 70,5% stake in TFC Properties for R446m. On 19th January 2022 the company announced the acquisition of PEG Retail Holdings for R1,09bn. This acquisition increases the number of petrol stations which Kaap Agri has from 43 to 84. In its results for the year to 30th September 2025 the company reported revenue down 6,6% and headline earnings per share (HEPS) up 10,6%. The company said, "The profit after tax of the Group amounted to R447 million (2024: R451 million) while the gross assets increased to R8 230 million (2024: R8 215 million)". Technically, the share broke down through its trendline on 6th January 2025 at 4952c and fell back to around to 3753c. It has since been recovering but has made it onto the Winning Shares List (WSL) on 9th October 2025 at a price of 4425c. In an update at the AGM, the company reported positive momentum in the Agrimark sector and an 8,7% increase in retail gross profit in the PEG sector. The debt/equity ratio was 34,3%. In a trading statement for the six months to 31st March 2026 the company estimated that HEPS would increase by between 10,5% and 14,5%. We see it as a well-managed company that has exposure to South Africa's retail environment, loadshedding and also to the state of agriculture in this country. It has suffered with falling petrol prices recently. We recommend waiting for the share to begin a new upward trend before investigating further. Issues surrounding expropriation of land without compensation have an impact on the company. However, with a P:E multiple of 7,78 these risks look to be fully discounted.
VOD	VODACOM	2026-05-07	View Vodacom (VOD) is South Africa's largest airtime and data provider for cell phones. It is a subsidiary of the international company Vodaphone. Its competitors are MTN, Cell-C and Telkom. The cell phone industry has been hammered by a steady decline in voice revenue which has to some extent been compensated by a sharp rise in data usage. The disadvantage which Vodacom has as an investment is that a foreign parent owns it. Vodacom has businesses in Mozambique, Tanzania, the DRC and Lesotho. Now the group is looking to develop a business in Africa's fastest-growing economy, Ethiopia, with a population of 105m. The company is launching a "super-app" in conjunction with JackMa's Alipay to boost its non-voice revenue. It has also spent R4bn to mitigate the impact of loadshedding. We believe that this share will perform well, but may take some time to reach former heights. In its results for the six months to 30th September 2025 the company reported revenue up 10,9% and headline earnings per share (HEPS) up 32,3%. The company said, "Financial services revenue increased 20.3% (21.5%) to R8.0 billion contributing 12.2% to Group service revenue. Service revenue grew 12.2% in rands, and increased 13.6% on a normalised basis. EBITDA grew 14.7% to R30.5 billion, and 14.8% on a normalised basis*". In a trading update for the 3 months to 31st December 2025 the company reported revenue up 11,7% with Egyptian service revenue up 39%. The company said, "In December, we announced an agreement to acquire an additional 20% stake in Safaricom. In November, our acquisition of a strategic stake in South African fibre business Maziv received ICASA's final approval". In a trading statement for the year to 31st March 2026 the company estimated that HEPS would increase by between 20% and 25%. Technically, the share fell from its high of 16214c on 1st April 2022 and we suggested waiting for a clear break up through its downward trendline which happened on 25th July 2024 at 9836c. Since then it has risen to 14905c (5-5-26). It still looks relatively cheap at current levels with a dividend yield (DY) of around 3,44% - but it is in an environment where the technology and regulation shift continuously making it risky.
WEZ	WESIZWE	2026-05-07	View Wesizwe (WEZ) is a miner of platinum group metals through its development of the Bakubung Platinum Mine (BPM). The company is developing a mine to access the Merensky and Upper Group 2 (UG2) resources. The mine is near Rustenburg on the Western limb of the Bushveld complex. The company also owns 17,1% of projects 1 and 3 of Maseve Investments. In its results for the six months to 30th June 2025 the company reported headline earnings per share (HEPS) of 13,2c per share compared with a profit of 8,88c in the previous period. The company said, "Shareholders are advised that the Company has restated its previously published condensed consolidated interim financial statements for the period ended 30 June 2024". In a trading statement for the year to 31st December 2025 the company estimated that HEPS would increase to between 8,64c and 11,08c compared with a loss of 12,23c in the previous period. The company is a marginal precious metals company which is subject to the vagaries of PGM prices - which makes it risky. The share has fallen from a high of 197c in October 2021 to levels around 34c on the recent results - it may well be heading for liquidation. The share was suspended on 4th June 2025 and remains suspended.
JBL	JUBILEE	2026-05-07	View Jubilee Metals Group (JBL) is a diversified metals recovery company which re-processes mine waste and surface materials. It is listed both on the London AIM market and on the JSE's Alt-X. It has operations in South Africa, the UK, Madagascar, and Australia - and it is involved in a joint venture in Zambia to produce lead, zinc and vanadium. The company primarily produces platinum group metals (PGM) and chrome, and its primary asset is a 63% stake in the Tjate project, which is assessed to include the world's largest undeveloped block of platinum ore with an estimated potential of 65m ounces on the Western limb of the Bushveld Igneous Complex. However, in recent years the company has "...pivoted towards a smelting and beneficiation strategy as a cashflow survival strategy." Jubilee has been spending about R154m to consolidate its PGM retreatment business by buying a reprocessing plant and some dumps. The R154m is being used to buy a chrome processing operation and 1,8m tons of tailings from PlatCro Minerals. It is a low-cost producer, but subject to the vagaries of the platinum and base metals markets. In its results for the six months to 31st December 2025 the company reported revenue of $14m compared with $8,27m in the previous period. The company made a headline loss of 40c (US) compared with a profit of 0.06c in the previous period. The company said, "Total saleable Cu units produced, including Roan, reached 1 543t (H1 FY2025: 1 419t) an increase of 8.7%". In an update on the 9 months to 31st March 2026 the company reported copper production up 27,8% with Roan production up 112,7%. The company said, "Commissioning of the expanded Roan Cu concentrate facility is near completion with the ramp- up of dewatered fine Cu concentrate production underway during May 2026". In our view, this share may be one of the better options in the mining sector, but remains highly volatile and risky. We suggest waiting for a break up through the share's long-term downward trendline. That has not yet happened. On 7th October 2024 the company announced that it had increased its stake in project "G" to 65% and that it had secured an additional 2 megawatts of power from an IPP. The war in Iran negatively impacted the share's price.
DRD	DRDGOLD	2026-05-07	View DRDGOLD (DRD) was listed in 1895 and is the JSE's oldest listed company. It was followed by SA Breweries which was listed in 1897 and has now been acquired by Anheuser Busch. DRD is now a gold surface treatment operation which is at an all-in sustaining cost of extraction of just over R627247 per kilogram which compares to the average received gold price of R917996. They are re-treating surface dumps which still have traces of gold that can be profitably extracted with modern extraction methods. The benefit of this type of operation is that it is far less risky than underground gold mining operations because it has far less union exposure and has none of the expenses or difficulties of an underground operation. Its life and grade, and hence its profitability, are precisely known. The share tends to be volatile because it depends on the current price of gold, but the company has a debt-free balance sheet and strong free cash flows. A deal was concluded for Sibanye to swap out its surface dumps for an additional 265m DRD shares - which took Sibanye to a shareholding of 38%. Then on 10th January 2020, Sibanye announced that it had exercised its option to increase its stake to 50,1% at a cost of R1086m. The CEO of DRD Gold, Niel Pretorius, wants to join up with other tailing projects on the West Rand to create a massive unified re-processing operation. The company is building a 20mw solar and battery facility. In its results for the six months to 31st December 2025 the company reported revenue up 33% and headline earnings per share (HEPS) up 98%. In an update on the 3 months to 31st March 2026 the company reported gold production up 6% and gold sales down 6%. The average price received was up 13%. The company said, "Group cash operating costs increased by 5% to R1,191.5 million from R1,136.7 million in the previous quarter due to higher reagent consumption and trucking costs in line with the increased tonnages processed". Technically, the share made a high of 2458c on 9th May 2023 and then began a downward trend. It broke up through its long-term downward trendline on 3rd July 2024 at 1673c indicating a new upward trend. That upward trend accelerated with the rise in the US dollar price of gold to above $5000 per ounce, but had fallen back with the current correction in the gold price. It remains a volatile commodity share subject to the international gold price.

Winning Share: AEL

Opinion: KAL

Record Highs (2026-04-28)

Wall Street’s relationship with Trump is evolving. At the start of his current term, when he was playing with the US tariff system, everything he said moved the markets. Today, tariffs have completely lost their force in the market and Trump has moved on to being a warmonger instead. His attack on…

His attack on Venezuela did not move the markets, but it boosted his confidence and made him easy prey for Israel’s Netanyahu, allowing him to embroil the US in a war which does absolutely nothing for America and has certainly damaged Trump’s mid-term election prospects beyond repair.

The US/Iran war has reached a stalemate with both sides closing the Strait of Hormuz and both sides seizing commercial ships in the vicinity. What is interesting is that while the price of North Sea Brent oil has now climbed back above $105 per barrel, the S&P500 index has made yet another new all-time record high.

Investors are clearly looking beyond the oil price to the excellent results and predictions coming out of S&P500 companies, and especially the “magnificent seven”. Consider the chart:

S&P500 Index : 28th of October 2025 - 24th of April 2026. Chart by ShareFriend Pro.

The chart shows the previous 5% correction in November last year and then Trump’s Iran war correction which broke to a lower low and created the opportunity for a TACO trade. You will note the important hammer formation on 7th April 2026 which gave a clear early warning that a strong recovery was coming. Note also that the 50-day moving average turned upwards again, away from the 200-day – indicating that a death cross had been averted.

The general investor perception is that the Iran war is a temporary phenomenon which will be resolved one way or another relatively soon. The primary impact of the higher oil price, while negative for the economy, has been to seriously erode Trump’s MAGA support base. It is also having the effect accelerating the movement away from fossil fuels towards renewables.

There is now concrete evidence that somebody in Trump’s camp has been profiting massively from his announcements on the war in Iran. There are three clear instances of insider trading in the oil futures market coming immediately prior to his announcements:

On 23rd March 2026, a $500m short placed 15 minutes before Trump announced a delay in Iranian strikes.
On 7th April 2026, a $950m short placed immediately before Trump announced the US-Iranian ceasefire.
On 17th April 2026, a $760m short, placed minutes before the opening of the Strait of Hormuz was declared by Trump.

The Commodity Futures Trading Commission (CFTC) is investigating these trades.

MAGA has been blithely unconcerned about the fact that Trump is inter alia a convicted criminal, a rapist, an inveterate liar or that he and his minions have been engaged in blatant insider trading. MAGA is, however, very much concerned about the price of petrol (“gas”) which has remained stubbornly above $4 per gallon since the war began.

At the same time, the stock market is bracing for the biggest wave of initial public offers (IPO) in its history with SpaceX, Open AI and Anthropic all planning to come to the market later this year. They are endeavouring to raise a total of $3 trillion led by SpaceX’s $1,75 trillion offer. Open AI is looking for about $1 trillion and Anthropic wants $380bn. What is interesting about this is that all three companies are currently running at a loss. Space X, particularly, reported a loss of $5bn last year on revenues of $18,6bn.

This almost looks like the start of a top-of-market listings boom. Investors are losing sight of the underlying fundamentals and focusing only on blue sky potential. With its latest all-time record high last Friday, the S&P500 is now trading at an historical price:earnings ratio (P:E) above 30 – which must be compared with the median average for that index of between 15 and 18. In other words the index is discounting a substantial increase in earnings for its component companies.

Can that be justified? We believe that it can. There is little doubt that the productivity benefits of AI have only just begun to impact the profits of S&P500 companies – let alone other emerging new technologies like humanoid robotics. We believe that the bull trend will continue – but your best defence against a market collapse remains your stop-loss strategy.

PSG Financial Services (2026-04-20)

Now that the TACO trade associated with Trump’s war in Iran is over and markets are again posting new all-time record highs, it is worth noting that the JSE has not yet recovered completely and the JSE Overall Index (J203) is still 5,6% below its record high of 128456 made on 27th February 2026. As…

As an emerging market, the JSE always tends to be more volatile than first world markets – which means it falls further and goes higher. The JSE fell a total of 14,3% during this correction where the S&P500 fell by only 8,8%. It is also important to understand that the markets of the world (including the JSE) always tend to follow Wall Street – so we should expect the JSE Overall index to break to a new record high fairly soon. Consider the chart:

JSE Overall Index : 10th of December 2025 - 17th of April 2026. Chart by ShareFriend Pro.

Our Winning Shares List (WSL) is still dominated by commodity shares like Sasol, Pan African, Southern Palladium and Anglogold, so there are still investment opportunities to be found among the blue-chip industrials and financials.

One such blue chip is PSG Financial Services (KST). KST has been spun out of PSG which has spawned many very successful JSE listings like Capitec, and Curro. KST is a thoroughly South African company that has a long track record of excellent performance.

Its business consists primarily of asset management and insurance. In its results for the year to 28th February 2026 the company reported R540bn of assets under management (AUM), up 20% from the year before. It also reported its gross written premiums up 5% to R8bn. The company’s core income increased by 22% to R8,28bn and its recurring headline earnings per share (HEPS) rose by a whopping 34%. These are excellent results. Consider the chart:

PSG Financial Services (KST) : March 2024 - 17th of April 2026. Chart by ShareFriend Pro.

KST has been in a steady upward trend since March 2024. We added it to the Winning Shares List (WSL) on 23rd May 2024 at 1610c and since then it has nearly doubled to 2865c.

Like most blue-chip shares trading on the JSE, KST shares fell as a result of the war in Iran and the sharp rise in the price of oil. That sell-off gave private investors a rare opportunity to buy further in to this excellent company.

As a private investor it is important to understand that KST is a services company and has an insignificant working capital requirement, while much of its income is annuity income. Its staff are also highly educated and paid – which means that they are not unionised. Given its long track record of generating profits, this makes it an almost risk-free investment.

Of course, we are not the only ones who are aware of KST’s great performance. The institutional fund managers have long favoured its shares and as a result the shares trade for a relatively high P:E ratio of 21,22 – which compares with the JSE Overall indexes average P:E of 15,34. Nonetheless, it is a good share to accumulate during periods of weakness.

What we said... (2026-04-13)

The S&P500 index ended last week just 2,3% below its all-time, record high of 6978.6 made on 27th January 2026. It is apparent that the V-bottom caused by Trump’s war in Iran is almost over. We anticipate a new record high on the S&P within the next few weeks. Consider the chart: S&P500 Index : 17th…

S&P500 Index : 17th of November 2025 - 10th of April 2026. Chart by ShareFriend Pro.

In the end, the Trump’s Iran war took the S&P down 8,8%. It did not even fall sufficiently (10%) to be considered an official correction. All markets have periodic corrections and Wall Street was overdue for a downward move at the time that this happened. You will note that the 50-day moving average did not break down through the 200-day moving average – so there was no death cross. And now the 50-day has started to move up again. The hammer formation which occurred on 7th April was probably the clearest indication that the market was returning to normal.

From an investor’s perspective, the result of the US/Israel war in Iran has come down to a temporarily raised oil price. Trump has predictably folded and backed down on all his bombastic rhetoric, leaving other people to clean up the mess. As the dust settles, we expect that the price of North Sea Brent will drift back down and eventually fall below resistance at $60 per barrel. The rand will resume its strengthening trend and the focus of the markets will return to the productivity gains flowing from AI.

One of the great understandings in the markets is that whatever happens, no matter how disastrous it may seem at the time, there is always a way for you as a private investor to turn it into a profitable investment. You just have to understand what is happening and then decide on the best way to position your capital to benefit. You must always see the situation as an opportunity and take advantage.

We really hope that you took our advice and profited from Trump’s war in Iran. Over the past month, we have run four articles about the situation in Iran and advised you as follows:

In our article on 9th March we said, “...the war in Iran will be resolved on some basis - probably because he (Trump) 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”.
In our article on March 16th we said, “We believe that the situation will be resolved and that some degree of normalcy will return sooner or later. When and if that happens, we expect stocks around the world to bounce”.
In our article on March 23rd we said, “So, we see this sell-off on the JSE as a buying opportunity to pick up high-quality shares at bargain prices” and “Buying shares at a time like this can be scary, but remember our maxim: If you don’t feel the risk, then you are probably not going to make any money”.

In our article on 6th April we said, “The impact of artificial intelligence on productivity levels worldwide is a far more important trend and will continue to push markets up for years to come. In the context of that, Trump’s foray into Iran is a mere “bump in the road”. You should take this opportunity to buy high-quality blue-chip shares while they at these low levels”.

JSE Top 40

111,222.00 (+3.92%)

All Share

119,166.00 (+3.61%)

Financial 15

25,457.00 (+2.23%)

J200

J203

J212

Top Gainers

#	Code	Name	Close (c)	% move
1	PPR	PUTPROP	600	+50.00%
2	RNG	RANGOLD	112	+14.29%
3	SSW	SIBANYE-S	5561	+11.31%

Top Losers

#	Code	Name	Close (c)	% move
1	VIS	VISUAL	3	-25.00%
2	FTH	FRONTIERT	600	-7.69%
3	SOL	SASOL	22065	-7.65%

PDSNET Market Snapshot