Market summary
The JSE All Share closed the week at 108 020.31 decreasing by 2.57%. The biggest contributing sector was the oil and gas sector, adding 6.50% while the basic materials sector decreased by 7.51% during the same period.
Looking globally, developed markets decreased by 0.67% (USD) during the week. Emerging markets decreased by 2.62% (USD) during the same period.
Local events
• South Africa’s inflation rate edged up to 4.5% in September, driven by higher transport and fuel costs, although it remained below expectations of 4.7%.
• South Africa’s retail sales grew 3.3% year-on-year in August, exceeding expectations of 3.0% and signalling continued resilience in consumer spending.
• South Africa has proposed rules allowing approved local asset managers to manage qualifying foreign portfolios from SA, potentially bringing the management of an estimated R10 trillion in savings currently managed offshore back home.
Global events
• China’s economy grew 4.5% year-on-year in Q3 2026, beating expectations of 4.4%, supported by resilient exports, policy stimulus and stronger industrial activity.
• China’s industrial production grew 5.5% year-on-year in September, beating expectations of 5.4% as manufacturing and mining activity strengthened.
• Germany’s Manufacturing PMI rose to 54.2 in October, beating expectations and signalling stronger industrial activity in Europe’s largest economy.
Thanks to PPS Investments for the weekly Market Summary.
Financial indicators by Sharedata.co.za
South Africa’s bold plan to become a global financial centre
There’s an estimated R5 trillion in offshore portfolio assets that South Africans have accumulated over the decades, with most of the management fees going to offshore players. Some estimates put the figure as high as R10 trillion. That’s billions of rands in fees that are going abroad each year. What if SA could recapture some of these fees and attract new investment mandates to these shores? See the full Moneyweb article here>
South Africa is going from zero to hero
South Africa’s government appears to have turned the corner and avoided hitting a fiscal cliff in the near future, with debt stabilising and beginning to decline. See the full article in Daily Investor here>
Fund managers turn more bullish on South African equities despite interest rate concerns
South African fund managers have become significantly more bullish on local equities, even though 75% of them polled in a survey believe interest rates will hike next month. Read the full article in The National here>
Gold gains as oil slide cools some inflation concerns
Gold climbed back above $4,000 on Monday, as softer oil prices eased some inflation concerns ahead of this week’s Federal Reserve policy meeting that could shed light on the future interest rate path. Read the full CNBC article here>
Oil plunges more than 6% from near wartime highs as diplomacy over Iran seemingly gathers pace
Brent crude fell more than 6% on Monday morning, retreating from its highest close since March, as regional mediators headed to Tehran and US President Donald Trump weighed a deal with Iran, while investors braced for a week packed with central bank decisions and earnings reports. See the latest from Euronews.com here>
US stock futures edge up as oil falls heading into earnings barrage
US stock index futures ticked higher on Monday as crude oil prices retreated from last week’s surge, lifting sentiment at the start of a week dominated by corporate earnings and the Federal Reserve’s interest-rate decision. See the full Market Screener article here>