Market overview
The JSE All Share closed the week at 111 275.40 decreasing by 2.92%. The biggest contributing sector was the oil and gas sector, adding 4.42% while the basic materials sector decreased by 7.21% during the same period.
Looking globally, developed markets decreased by 2.21% (USD) during the week. Emerging markets decreased by 1.94% (USD) during the same period.
Local events
• South Africa’s RMB/BER business confidence index fell to 39 in Q2, reflecting weaker sentiment across sectors amid rising uncertainty over inflation and interest rates.
• South Africa’s Absa PMI fell to 50.8 in May, indicating slower expansion as weaker demand, declining new orders, and rising input costs weighed on manufacturing activity.
• South Africa’s long-term credit rating was upgraded by Fitch to BB from BB- , reflecting improved fiscal management, stabilising debt levels, and progress on structural reforms.
• R22.8bn in wasteful spending has raised concerns over Johannesburg’s fiscal crisis, with potential funding cuts threatening South Africa’s economic recovery and investor confidence.
Global events
• The US economy added 172K jobs in May, highlighting a resilient labour market led by gains in hospitality, government, and healthcare.
• China’s manufacturing PMI edged lower to 50.0 in May, signalling stagnant activity as weaker domestic and external demand and rising input costs weighed on the sector.
• US manufacturing activity increased to 54.0 in May, indicating continued expansion and resilience in the world’s largest economy.
• Eurozone inflation remained elevated at 3.2% in May, reinforcing expectations that interest rates in major developed markets may stay higher for longer.
Thanks to PPS Investments for the weekly Market Overview.
Financial indicators by Sharedata.co.za
Major boost for South Africa as Fitch upgrades sovereign credit rating for first time in 21 years
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Cabinet approves write-off of almost R29bn in GFIP debt
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One of the biggest changes to interest rates in South Africa’s history coming this year
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100 days of the Iran war: How global markets and the economy have been affected, in charts
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The €3trn question: Can markets handle SpaceX, OpenAI and Anthropic all at once?
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2026 Fifa World Cup in numbers
The opening match will be held between South Africa and host nation Mexico on Thursday 11th June. This is an exact repeat of the 2010 World Cup when South Africa as hosts opened the tournament against Mexico on 11th June 2010 with a 1-1 draw.
* 39 days: Running from 11 June to 19 July 2026, this will be the longest men’s football World Cup in history
* 6 billion viewers: FIFA projects global viewership across broadcasts and streams will break the previous record of 5 billion set in Qatar
* 48 Teams, 104 matches: Co-hosted across Canada, Mexico, and the United States, the expanded format drives unprecedented commercial scale
* $3 billion matchday revenue: Ticket and corporate hospitality sales are projected to surge 216%, up from $950 million in Qatar
* 500Hz transmission ball: The official match ball houses an internal sensor transmitting precise tracking data at 500 times per second
Stats courtesy of Ninety One.