Market overview
The JSE All Share closed the week at 120 584.10 increasing by 0.44%. The biggest contributing sector was the health care sector, adding 7.79% while the technology sector decreased by 6.86% during the same period.
Looking globally, developed markets decreased by 0.40% (USD) during the week. Emerging markets increased by 3.25% (USD) during the same period.
Local highlights
* Manufacturing activity in South Africa fell by 1.4% year-on-year in December 2025, marking a two-month downturn following an upwardly revised 2% decline in November. On a seasonally adjusted monthly basis, output decreased by 1.2%, after an upwardly revised 2.1% slump in the previous month. In 2025, total manufacturing production shrank by 1.3% compared with 2024.
* Mining production in South Africa rose by 2.5% year-on-year in December 2025, following a downwardly revised 2.4% slump in the previous month, with manganese and iron being the biggest contributors. On a seasonally adjusted monthly basis, mining production fell by 1.2%, after a downwardly revised 5.7% decline in the previous month. Total mining production was 0.1% higher in 2025 compared with 2024.
Global highlights
* The US economy added 130 000 payrolls in January 2026, higher than a downwardly revised 48 000 rise in December and well above forecasts of 70 000. It is the highest figure since December 2024. Meanwhile, total nonfarm employment growth for 2025 was revised down to 181 000 from 584 000, implying average monthly job gains of just 15 000, well below the previously reported 49 000.
* The UK economy expanded by 1.0% year-on-year in the fourth quarter, slowing from 1.2% in the previous quarter and slightly undershooting market expectations of 1.2%, according to preliminary estimates. It marked the weakest annual growth rate since the second quarter of 2024.
* China’s annual inflation eased sharply to 0.2% in January 2026 from 0.8% in the previous month, marking the lowest print since October and missing market expectations of 0.4%. Meanwhile, core inflation, excluding food and energy, rose 0.8% year-on-year, the weakest in six months after 1.2% in December and November. Monthly, CPI increased 0.2%, matching the December level but undershooting the 0.3% consensus.
* The annual inflation rate in the US slowed to 2.4% in January 2026, its lowest level since May, down from 2.7% in each of the previous two months and below forecasts of 2.5%. The deceleration largely reflects base effects, as higher readings from a year ago drop out of the annual calculation. Price pressures eased notably in the energy sector, with prices falling 0.1%, after a 2.3% rise in December.
Thanks to PPS Investments for the weekly Market Overview.
Financial indicators by Sharedata.co.za
SA’s president vows renewed growth drive as markets soar
South African President Cyril Ramaphosa pledged to accelerate measures to fire up the economy, draw investment and make the government more efficient, an undertaking that will provide further impetus to a blistering markets rally if implemented. See the full report on Moneyweb.co.za here>
Here is the expected petrol price for March
Mid-month data on fuel price recoveries show that it will be a close call for motorists in March, with petrol prices sitting on the cusp of an over- and under-recovery—and it could go either way. See the full article on Businesstech.co.za here>
South Africa’s financial markets remain flat despite Sona impact
he equity and capital markets traded flat last week for the second week in a row. The price for gold and platinum recovered through the week, with the gold price breaking again through the $5 000 per ounce last week with the Rand improving. Read the full article on IOL Business Report here>
Oil steady with focus on geopolitical risk before Iran talks
Oil was little changed at the start of the week, as traders monitored geopolitical risks before talks between the US and Iran are expected to resume on Tuesday. See the full Moneyweb article here>
Gold slips amid holiday-thinned trading
Gold prices dropped on Monday, pressured by thin trading volumes as US and Chinese markets remained shut due to local public holidays, while some traders booked profits after last session’s 2.5% jump. See the BusinessDay article here>
Shares edge up in thinly-traded holiday markets, Japan data disappoint
World shares steadied on Monday after Friday’s drop triggered by AI-related concerns as the Lunar New Year holiday in Asia and Presidents Day in the U.S. made for thin trading. See the full Reuters article here>