Market overview
The JSE All Share closed the week at 116 583.40 decreasing by 9.22%. The biggest contributing sector was oil and gas, adding 8.58% while the basic materials sector decreased by 13.32% during the same period.
Looking globally, developed markets decreased by 3.26% (USD) during the week, while emerging markets decreased by 6.88% (USD) during the same period
Local events
* South Africa’s Absa PMI declined to 47.4 in February 2026, extending manufacturing contraction to a fifth consecutive month. Weaker activity and job losses reflect ongoing constraints and subdued demand, although improved expectations point to tentative optimism despite persistent structural headwinds.
* South Africa’s RMB/BER business confidence index rose to 47 in Q1 2026, the highest level since mid 2021, supported by political stability, lower rates and favourable currency conditions. Sustained improvement remains dependent on stronger demand and reform momentum.
* South Africa’s gross foreign exchange reserves rose to a record $81.1 billion in February 2026, strengthening external buffers on a higher gold and foreign currency holdings.
Global events
* US non farm payrolls declined by 92 000 in February 2026, well below expectations with broad-based job losses and downward revisions pointing to softening labour momentum.
* The US unemployment rate edged up 4.4% in February 2026, slightly above expectations and nearing recent cycle highs.
* Euro Area inflation rose to 1.9% in February 2026, above expectations, driven by firmer services and core price pressures, indicating a re-emergence of underlying inflation momentum.
* Oil prices have crossed the $100 mark for the first time since 2022 as supply disruption risks linked to the Iran war intensify, with Goldman Sachs warning that prolonged shipping constraints through the Strait of Hormuz could push crude prices materially higher. Heightened geopolitical risk has increased market volatility, reinforcing upside risks to inflation and global growth should disruptions persist.
Thanks to PPS Investments for the weekly Market Overview.
Financial Indicators by Sharedata.co.za
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