Sharenet

$JSE The JSE recovered some of yesterday’s losses, closing 2% higher as buying interest returned. Tencent provided a constructive update on the progress of its AI initiatives, supporting a sharp re-rating in Naspers and Prosus, both of which gained around 10% on the day. Bidcorp released a 10-month trading update that exceeded market expectations, while Telkom reported results in line with guidance and announced an improved dividend year on year. On the stock level, gains were led by Naspers, Prosus, Anglo American, Glencore and BHP, while the downside was concentrated in BTI, Reinet, Mr Price, Sanlam and Pepkor. Bitcoin came under pressure, declining more than 5% during the session as investor attention remained firmly focused on AI-related opportunities. Approximately R30bn traded on the day, with the rand strengthening to R16.23/$ at the close.

$JSE The JSE, in line with global markets, traded on relatively light volumes as participants awaited further developments in the Middle East that could provide greater clarity for the deployment of capital across risk assets. Telkom and Reinet released results during the session, with Telkom surging more than 10% following a strong set of numbers, while Reinet fell sharply after reporting a 4.5% decline in NAV, with the market seeking greater clarity around future capital allocation. Banks and select retailers found favour on the day, while gold and PGM counters bore the brunt of the selling pressure. On the stock level, gains were led by Richemont, Mr Price and Clicks, while the downside was driven by Reinet, Sasol and precious metal counters including Pan African Resources, Northam and Gold Fields. Approximately R24bn traded on the day, with the market closing 0.4% lower and the rand at R16.36/$ at the close. Recent rand strength was largely driven by a weaker US dollar following last week’s Moody’s downgrade of US sovereign debt, a sharp decline in oil prices on optimism around a potential Iran ceasefire, and improved global risk appetite following Nvidia’s record earnings release, despite South African CPI rising to 4.0%, its highest level since August 2024. Attention now turns to tomorrow’s SARB policy meeting, with a 25bp hike back to 7.00% increasingly being priced into the market.

S&P 500 forecast to end year slightly higher even as war drags on reuters.com/markets/us/sp-50… @sharenetsa

$JSE Truth Social headlines and broader geopolitical developments continued to dominate trading activity on the JSE, with the market closing marginally lower as participants monitored whether an agreement between the US and Iran could be reached, or if tensions would escalate once again. Banks led the gains, with renewed interest in FirstRand amid speculation around potential interest in its UK business, Aldermore, while Moody’s recent revision of South Africa’s sovereign credit outlook to positive also supported sentiment toward the sector. Trading updates and results from Pepkor, Datatec, Stefanutti Stocks and Coronation kept participants active during the session, while MTN Ghana announced the suspension of its proposed new money-transfer fee. On the stock level, gains were led by Sasol, FirstRand and Investec, while the downside was driven by NPN/PRX, Pepkor and Bidvest. Trading volumes remained subdued for most of the day, with approximately R23bn traded on the day and the rand at R16.36/$ at the close. For insights into the latest results and trading updates use the link sharenet.co.za/applications/…

$JSE A risk-on session on the JSE saw the market close up 2.6%, with most counters trading in positive territory despite subdued volumes for much of the session. Markets in the US, London and Hong Kong were closed for the day, contributing to lighter trading activity. Optimism around the prospects of a renewed agreement between the US and Iran supported broader buying interest across the market. On the stock level, gains were led by gold and PGM counters, with Valterra, Harmony, Sibanye and AngloGold Ashanti posting strong gains, while the downside was limited, with Sasol, Reinet and Bidcorp among the weaker performers. Approximately R17bn traded on the day, with the rand strengthening to R16.30/$ at the close.

$JSE An eventful session on the JSE, characterised by reduced liquidity and elevated volatility, saw the market close 0.6% lower, with a broad range of updates and results releases driving increased trading activity as participants digested the latest corporate releases from Investec, Netcare, Sanlam and Pick n Pay, among others. On the stock level, gains were led by financials and diversified miners, with Investec, Old Mutual, Glencore and Anglo American among the stronger performers, while the downside was concentrated in gold and PGM counters, including Northam, Naspers/Prosus, Valterra and Impala Platinum. Approximately R27bn traded on the day, with the rand at R16.54/$ at the close.

$JSE A muted start to the session on the JSE gave way to increased activity into the afternoon, with the market closing up 1% as participants focused on developments in the Middle East and the highly anticipated Nvidia results due after the US close, which are expected to test the durability of the AI-driven rally. Gold counters pushed the JSE higher, while oil futures retreated following Trump’s remarks that US-Iran negotiations are in their final stages. South African inflation rose to 4%, in line with expectations, fuelling expectations of a rate hike at the next MPC meeting. On the stock level, gains were led by gold counters and financials, with Harmony, AngloGold Ashanti, Standard Bank and FirstRand among the top performers, while the downside was relatively limited, with Sasol, BTI and NPN/PRX among the notable laggards. Balwin Properties announced that the PIC, together with a consortium, has made an offer to acquire all Balwin shares at R4.35 per share. Approximately R28bn traded on the day, with the rand at R16.40/$ at the close after reaching R16.70 early on.

$JSE The JSE closed 2.6% lower in a broad-based risk-off session, in line with weakness across global markets. Most counters ended firmly in negative territory, with only a select few managing to close on the front foot. Market participants remain focused on gaining greater clarity around ongoing US-China discussions, alongside developments relating to the reopening of the Strait of Hormuz. On the stock level, the downside was dominated by resource counters, with Northam, Valterra, Harmony, Impala Platinum and Gold Fields among the hardest hit, while Sasol, NPN/PRX and selected retailers managed to buck the broader trend. Approximately R25bn traded on the day, with the rand at R16.67/$ at the close.

$JSE The JSE traded firmer at the open, albeit on subdued volumes, before retreating later in the session to close marginally lower, down 0.09%. Markets responded to expectations of further supportive headlines from China, while reports suggesting an increase in tanker traffic through the Strait of Hormuz also supported sentiment. Goldman Sachs now sees two South African rate hikes in 2026 as a result of the war backdrop. Pick n Pay jumped 7.6% following a Daily Investor article speculating that the group could become a takeover target. On the stock level, gains were led by defensives and financials, with BTI, Bidcorp, Standard Bank and Shoprite trading firmer, while the downside was concentrated in resource counters, including Impala Platinum, Valterra, Sibanye and Prosus/Naspers. Reunert released an update at the close indicating softer HEPS guidance. Approximately R19bn traded on the day, with the rand at R16.46/$ at the close.

$JSE The JSE traded sideways for most of the session in subdued volumes, closing up 0.6%. Tencent numbers came in below expectations, resulting in sharp weakness in NPN/PRX before both counters reversed in late afternoon trade. US PPI data also surprised to the upside, briefly pressuring the broader market before sentiment improved later in the session, partly driven by the recovery in Tencent-linked counters. Resources traded firmly on the day, while banks and retailers remained on the back foot, although select retail counters staged a recovery into the close. On the stock level, gains were led by PGMs and diversified miners, with Northam, Valterra, BHP and Anglo American among the top performers, while the downside was driven by selected consumer and gold counters, including Clicks, Remgro and Pan African Resources. Approximately R25bn traded on the day, with the rand at R16.44/$ at the close.

$SPP Spar currencynews.co.za/spar-reta… @sharenetsa

$JSE The JSE traded on the back foot for most of the session, closing 1.5% lower on the day. Uncertainty surrounding the Phala Phala saga, alongside ongoing tensions in the Middle East, kept participants defensive and close to the exit doors. NPN/PRX also came under pressure after releasing voluntary business updates, with Just Eat and iFood guidance coming in weaker than expected and not well received by the market. US markets traded lower after reaching fresh all-time highs in the previous session, adding to the softer risk backdrop. On the stock level, British American Tobacco and Sasol provided some support, while the downside was driven by NPN/PRX, Clicks and precious metal counters including AngloGold Ashanti, Sibanye and Impala Platinum. Approximately R27bn traded on the day, with the rand at R16.53/$ at the close.

$JSE The JSE got off to a flying start as optimism around a potential US-Iran truce continued to support risk appetite, before giving back most of the gains to close up 0.1%. US crude dropped to around $91 a barrel. Results and trading updates from Gold Fields, Southern Sun, Life Healthcare, Sappi, Datatec and Altron were met with mixed responses from the market. On the stock level, gains were led by gold and PGM counters, with Pan African Resources, Harmony and AngloGold Ashanti among the top performers, while the downside was driven by telecoms and energy counters, with MTN, Vodacom and Sasol among the notable laggards. Bitcoin also showed signs of weakness, slipping back from the 82k level. Approximately R31bn traded on the day, with the rand at R16.31/$ at the close.

$LHC Life Healthcare H1 Trading Update • NEPS expected to increase 6%-10% to 52.0c-53.9c • Revenue expected to rise 2.2%-2.6% despite ~R130m impact from funder curatorship • Normalised EBITDA expected to increase 4.9%-5.3% • Southern Africa EBITDA margin improved by ~0.5% • Revenue per paid patient day increased ~4.0% • Q2 occupancy exceeded 70% as theatre activity recovered • Acute hospital paid patient days declined ~0.9% • R38m impairment recognised in non-acute businesses • H1 results expected to be released on or about 28 May 2026. @sharenetsa