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Market View

J200 110,203.00 -0.35% J203 118,068.00 -0.29% J210 134,796.00 +0.01% J211 130,472.00 -0.61% J212 25,509.00 -0.44% J213 141,603.00 -0.54%

Winning Shares (Top 5)

Code	Name	Added	Price	Latest	% Gain	% Gain/Year
BLU	BLUETEL	2025-01-23	610	930	+52.46%	+42.18%
PPC	PPC	2026-01-22	579	602	+3.97%	+16.11%
SBP	SABCAP	2024-09-27	8100	15000	+85.19%	+54.36%
HCI	HCI	2025-12-12	15057	16900	+12.24%	+34.10%
CGR	CALGRO-M3	2023-08-15	356	456	+28.09%	+10.45%

Opinions (Top 5)

Code	Name	Date	Action
QLT	QUILTER	2026-04-23	View Quilter Plc (QLT) is a company spun out of Old Mutual as part of that group's "managed separation" process. It was admitted to trading on the London Stock Exchange (LSE) and has had a secondary listing on the JSE from 25th June 2018 following the issue of a prospectus on 20th April 2018. Quilter is a UK financial services group which offers asset management in the UK and internationally. It has 900 000 customers and had GBP101,7bn assets under management (AUM) at 30th June 2023. It is also involved in life assurance. The company has a good track record as a multi-manager for client wealth. More than 60% of Quilter's shareholders are South African institutions. As this company is wholly based overseas it is a rand-hedge. Any strengthening of the rand against the British pound will see this share fall and vice versa. In its results for the year to 31st December 2025 the company reported AUM up 18% to GBP141,2bn and revenue up 5%. Headline earnings per share (HEPS) was 8,7p compared with 2,5p in the previous period. The company said, "Proposed Final Dividend of 4.3 pence per share taking the total dividend for the year to 6.3 pence per share (2024: 5.9 pence per share), representing an increase of 7% and a payout ratio of 60%". In a trading statement for the first quarter of 2026, the company reported AUM of GBP1,4bn. The company said, "Quarterly net inflows of £2,857 million represented 11% (annualised) of opening AuMA (Q1 2025: £2,198 million representing 10% of opening AuMA, annualised)". Technically, the share has broken up out of an "island" formation and is in a strong upward trend. We regard this company as solid rand hedge and an institutional favourite. It was added to the Winning Shares List (WSL) on 23rd November 2023 at 2154c and has risen to 4219c (22-4-26). As the UK economy recovers it should do well.
S32	SOUTH32	2026-04-23	View South 32 (S32) was spun out of BHP Billiton in 2015 and contained all of BHP's South African coal assets. It is, in its own right, a diversified miner of base metals and minerals such as zinc, coal, aluminium, silver, lead, nickel and manganese. It operates in South Africa, South America and Australia. The company has separated out its coal assets in South Africa and especially those which supply Eskom, into a separate entity which was sold on 1st June 2020 to Seriti. At the same time the company has announced that it has bought the remaining 83% of Arizona Mining which it did not already own. Arizona Mining has extensive interests in zinc, manganese and silver described by South 32's CEO, Graham Kerr, as "...one of the most exciting base metal projects in the world." Clearly, this is another international mining house that is distancing itself from South Africa because of the administrative and legislative uncertainty here. Kerr has stated that "...mining exploration is out of the question in South Africa until the new mining charter is finalised." In moving away from South African investments, South 32 is following in the footsteps of BHP and Anglo. In our view, South32 is an excellent mining conglomerate with good medium-term potential to exploit the recovery in base metals and minerals. The company has said that for the moment it plans to hold onto its South Deep mine. The company is continuing with its $1,4bn share buy-back. The company is working to supply its Hillside smelter with renewable energy and transition away from Eskom over the next 10 years. In its results for the six months to 31st December 2025 the company reported revenue down 3% and headline earnings per share (HEPS) of 9c (US) compared with 8,5c in the previous period. The company said, "We delivered Underlying EBITDA of US$1.1B and 16 per cent growth in Underlying earnings to US$435M". In a report on the first quarter of 2026 the company reported alumina production up 1% and "Net cash2 increased by US$121M to US$96M in the March 2026 quarter, as we benefitted from continued strength in aluminium and base metals markets". Technically, the share has been in an upward trend since September 2025. We expect this trend to continue, but it remains a volatile commodity share. On 12th May 2025 the company announced that Matthew Daley would join the company as deputy CEO with effect from 2nd February 2026 to succeed Graham Kerr when he retires later in 2026.
CPI	CAPITEC	2026-04-23	View Capitec Bank (CPI), now the country's largest bank by customer numbers (21,1m), was launched by PSG, and has been a major disrupter in the South African banking system. It has steadily taken retail market share from the other banks by offering a cheaper and easier solution, especially for the previously unbanked section of our population. The company is adding about 90 000 funeral policies every month. In our view, this share is a "must-have" for any private investor's portfolio. Its parent company, PSG has now unbundled its holding of Capitec shares to release shareholder value. Capitec's client base is mostly in the lower living standards measure (LSM) levels and so it has just less than 10% of the retail deposit base despite its enormous number of clients. Capitec's annual average growth in HEPS for the past 19 years since 2003 is 32,2% per annum - an incredible record. On 19th January 2022 the company announced that it intends to conduct a BBBEE transaction by giving about R1bn worth of its shares to staff who have been working at the company since the beginning of 2019 or earlier. The issue is expected to dilute the share and caused the share price to fall. In its results for the year to 28th February 2026 the company reported headline earnings per share (HEPS) up 23%. Return on shareholders equity (ROE) increased by 31% while value-added services increased by 38%. The company now has more than 26 million active clients. The company said, "Net interest income rose by 19% to R24.1 billion (2025: R20.2 billion). Interest income on lending grew by 14%, driven by 27% and 48% increases in Personal Banking and Business Banking loan disbursements, respectively". Technically, the share has been rising since June 2023. It is now on a multiple of 30,15 - which is still well above the JSE Overall index and other leading banks. Despite this, in our view, Capitec remains excellent value. This is a share you should accumulate on weakness. We added it to the Winning Shares List (WSL) on 4-11-23 at 185496c and it has since risen 136,19% in two-and-a-half years. On Friday 16th January 2026 Capitec reached a market capitalisation of over R500bn becoming the fastest company to do that on the JSE.
BHG	BHP	2026-04-23	View BHP is a world-wide commodities company with its headquarters in Melbourne, Australia. It processes minerals, oil and gas and it has 62000 employees, mostly in the Americas and Australia. It produces copper, iron, coal, oil, and gas. BHP owns 57,5% of the Escondida mine in Chile which is one of the world's largest copper producers and also produces some gold and silver. It owns 33,75% of Antamina in Peru which produces copper and zInc. It owns 100% of Pampa Norte which produces copper cathode in the Atacama Desert in Northern Chile. It owns 50% of Samarco in Brazil which produces iron ore and a one third interest in Cerrejon in Colombia which produces coal from an open-cut coal mine. It owns mineral rights in Saskatchewan in Canada which contains one of the world's largest unexploited potash deposits. In Australia, BHP owns Olympic Dam which is one of the world's largest copper, uranium, and gold ore bodies. It also owns Western Australia Iron Ore which is a system of five mines connected by more than 1000km of railway lines. It owns Queensland Coal which comprises the Mitsubishi Alliance and Mitsui Coal. It also owns the Mt. Arthur open-pit coal mine in New South Wales. It owns Nickel West which is a nickel mine with smelters, concentrators, and a refinery. In the petroleum field it owns high quality resources in the Gulf of Mexico, Australia, Trinidad, and Tobago. This is a diversified international mining company which is impacted directly by commodity prices and hence from any recovery in the world economy. In its results for the year to 31st December 2025 the company reported a 30% growth in copper production with copper now accounting for 51% of its earnings before interest, taxation, depreciation, and amortisation (EBITDA). The company said, "BHP is the world’s largest copper producer and with strong performance at Escondida, and solid contributions from our other operations in Chile and South Australia, we have increased FY26 group copper guidance to 1.9 – 2.0 Mt. This is allowing us to maximise increased earnings from the recent run up in copper prices as well as gold". In an operational update on the nine months to 31st March 2026 the company reported a, "Strong operational performance in copper and iron ore. Our balance sheet remains strong, and in the last month we have realised ~US$4.8 bn by completing the Antamina silver streaming transaction". The share was rising steadily since April 2025 and we added it to the Winning Shares List (WSL) on 5th December 2025 at a price of 50350c. It has since risen to 65649c (22-4-26) and we expect it to go further. It remains vulnerable to commodity prices. On 18th March 2026 the company announced that Brandon Craig would succeed Mike Henry as BHP CEO on 1st July 2026.
LAB	LABAT	2026-04-22	View Labat (LAB) is a 57% black-owned investment holding company which listed on the JSE in 1999. The company buys and improves subsidiaries and then sells them for a profit. At the moment, Labat has two operations - South African Micro-Electronic Systems (SAMES) and Labat Logistics. On 14th April 2020 the company announced that it had acquired 70% of Biodata, an East London based company that is focused on cannabis healing. The acquisition is to be paid for in shares. The market for cannabis in South Africa in 2020 is expected to be worth around R27bn. On 5th May 2020 the company issued a profit forecast for the years to 2021 and 2022 - in which it said it was raising R112m by the issue of shares and that it would generate a profit of R60m in 2021 and R162,3m in 2022 resulting in headline earnings per share (HEPS) of 10,9c and 29,9c respectively. On 8th May 2020 the company announced that it had decided to put Force Fuel into business rescue because of a drop in volumes as a result of COVID-19. In its results for the six months to 30th November 2025 the company reported revenue up 353% and headline earnings per share (HEPS) up 182%. The company's net asset value (NAV) was 25,1c per share. The company said, "During the period, the Group successfully disposed of its healthcare assets, completing its strategic exit from the healthcare and cannabis sector. The acquisition of Classic International Trading Proprietary Limited and Ahnamu Investments Proprietary Limited during the 2025 financial year delivered extremely positive results, establishing the technology sector as the Group’s core and primary focus." In a trading statement for the year to 31st May 2026 the company estimated that HEPS would increase by between 96,48% and 116,48%. The company's shares were suspended on the JSE in October 2023 and only commenced trading again on 2nd January 2025 with the publication of the interim results to 30th November 2024. Even when trading, this is a volatile, often loss-making penny stock, so investors should be very careful.

Winning Share: SBP

Opinion: BHG

PSG Financial Services (2026-04-20)

Now that the TACO trade associated with Trump’s war in Iran is over and markets are again posting new all-time record highs, it is worth noting that the JSE has not yet recovered completely and the JSE Overall Index (J203) is still 5,6% below its record high of 128456 made on 27th February 2026. As…

As an emerging market, the JSE always tends to be more volatile than first world markets – which means it falls further and goes higher. The JSE fell a total of 14,3% during this correction where the S&P500 fell by only 8,8%. It is also important to understand that the markets of the world (including the JSE) always tend to follow Wall Street – so we should expect the JSE Overall index to break to a new record high fairly soon. Consider the chart:

JSE Overall Index : 10th of December 2025 - 17th of April 2026. Chart by ShareFriend Pro.

Our Winning Shares List (WSL) is still dominated by commodity shares like Sasol, Pan African, Southern Palladium and Anglogold, so there are still investment opportunities to be found among the blue-chip industrials and financials.

One such blue chip is PSG Financial Services (KST). KST has been spun out of PSG which has spawned many very successful JSE listings like Capitec, and Curro. KST is a thoroughly South African company that has a long track record of excellent performance.

Its business consists primarily of asset management and insurance. In its results for the year to 28th February 2026 the company reported R540bn of assets under management (AUM), up 20% from the year before. It also reported its gross written premiums up 5% to R8bn. The company’s core income increased by 22% to R8,28bn and its recurring headline earnings per share (HEPS) rose by a whopping 34%. These are excellent results. Consider the chart:

PSG Financial Services (KST) : March 2024 - 17th of April 2026. Chart by ShareFriend Pro.

KST has been in a steady upward trend since March 2024. We added it to the Winning Shares List (WSL) on 23rd May 2024 at 1610c and since then it has nearly doubled to 2865c.

Like most blue-chip shares trading on the JSE, KST shares fell as a result of the war in Iran and the sharp rise in the price of oil. That sell-off gave private investors a rare opportunity to buy further in to this excellent company.

As a private investor it is important to understand that KST is a services company and has an insignificant working capital requirement, while much of its income is annuity income. Its staff are also highly educated and paid – which means that they are not unionised. Given its long track record of generating profits, this makes it an almost risk-free investment.

Of course, we are not the only ones who are aware of KST’s great performance. The institutional fund managers have long favoured its shares and as a result the shares trade for a relatively high P:E ratio of 21,22 – which compares with the JSE Overall indexes average P:E of 15,34. Nonetheless, it is a good share to accumulate during periods of weakness.

What we said... (2026-04-13)

The S&P500 index ended last week just 2,3% below its all-time, record high of 6978.6 made on 27th January 2026. It is apparent that the V-bottom caused by Trump’s war in Iran is almost over. We anticipate a new record high on the S&P within the next few weeks. Consider the chart: S&P500 Index : 17th…

S&P500 Index : 17th of November 2025 - 10th of April 2026. Chart by ShareFriend Pro.

In the end, the Trump’s Iran war took the S&P down 8,8%. It did not even fall sufficiently (10%) to be considered an official correction. All markets have periodic corrections and Wall Street was overdue for a downward move at the time that this happened. You will note that the 50-day moving average did not break down through the 200-day moving average – so there was no death cross. And now the 50-day has started to move up again. The hammer formation which occurred on 7th April was probably the clearest indication that the market was returning to normal.

From an investor’s perspective, the result of the US/Israel war in Iran has come down to a temporarily raised oil price. Trump has predictably folded and backed down on all his bombastic rhetoric, leaving other people to clean up the mess. As the dust settles, we expect that the price of North Sea Brent will drift back down and eventually fall below resistance at $60 per barrel. The rand will resume its strengthening trend and the focus of the markets will return to the productivity gains flowing from AI.

One of the great understandings in the markets is that whatever happens, no matter how disastrous it may seem at the time, there is always a way for you as a private investor to turn it into a profitable investment. You just have to understand what is happening and then decide on the best way to position your capital to benefit. You must always see the situation as an opportunity and take advantage.

We really hope that you took our advice and profited from Trump’s war in Iran. Over the past month, we have run four articles about the situation in Iran and advised you as follows:

In our article on 9th March we said, “...the war in Iran will be resolved on some basis - probably because he (Trump) will probably back down in the face of increasing pressure both at home and abroad. If this happens in a relatively short time, the market will turn its attention back to the rapid progress of new technologies and hopefully recover to make a further new all-time record high in due course”.
In our article on March 16th we said, “We believe that the situation will be resolved and that some degree of normalcy will return sooner or later. When and if that happens, we expect stocks around the world to bounce”.
In our article on March 23rd we said, “So, we see this sell-off on the JSE as a buying opportunity to pick up high-quality shares at bargain prices” and “Buying shares at a time like this can be scary, but remember our maxim: If you don’t feel the risk, then you are probably not going to make any money”.

In our article on 6th April we said, “The impact of artificial intelligence on productivity levels worldwide is a far more important trend and will continue to push markets up for years to come. In the context of that, Trump’s foray into Iran is a mere “bump in the road”. You should take this opportunity to buy high-quality blue-chip shares while they at these low levels”.

A Bump in the Road (2026-04-06)

It is always worth stepping back to look at where the markets are over the long-term. It helps you to view current events within their historical context to obtain some perspective. Consider the following chart of the JSE Overall index going back to February 1985: JSE Overall Index: February 1985 -…

JSE Overall Index: February 1985 - 1st April 2026. Chart by ShareFriend Pro.

What you are looking at here is the history of the past 41 years. I have marked on the chart the 1987 crash, the 1998 dot com crash, the 2008 sub-prime crisis, the impact of COVID-19, and now Trump’s Iran war. Obviously, the chart is semi-logarithmic because on a linear chart, events from the remote past, like the 1987 crash, become almost invisible, while current events, like the war in Iran, would assume a disproportionate importance.

From a long-term technical perspective, I have always viewed the downward spike associated with COVID-19 to be an “aberration” because it was not caused by economic events. Rather, it was a once-off, black swan event that resulted in a sharp and short-lived V-bottom. As soon as it became apparent that the pandemic would be controlled, the markets resumed their upward trend.

Disregarding this aberration, it is clear that the JSE Overall Index has been moving between two almost parallel upward sloping trendlines. These are known to technical analysts as channel lines and they show where the market is now in terms of its past extremes.

Perhaps what stands out the most from this chart is just how insignificant the impact of the Trump war in Iran really is. At the worst point, on 20th March 2026, events in Iran took our market down a total of 14,3% - and it had even less impact on Wall Street where the S&P500 came off by only 9,1%. This difference is as it should be because the JSE represents emerging markets generally and is always more volatile than Wall Street.

It has become apparent that Trump, in his second term, set out to try and roil markets, and especially Wall Street, as much as possible. His first efforts came in the form of a wild and inconsistent tariff policy which impacted markets - until investors became inured to his on again, off again policies. Then the TACO trade became a feature of Wall Street where traders capitalised on his repeated and predictable propensity to back down.

Seeing that tariffs no longer had the power to move the market he resorted to foreign invasions. He talked about invasions of Greenland and Canada, but the idea of going to war with America’s erstwhile long-term allies proved to be too much even for his sycophantic staff. So, he invaded Venezuela and executed a leadership change there.

This event went very smoothly, but disappointingly it did not have a major impact on Wall Street. So, encouraged by the "success” of his leadership change in Venezuela, and egged on by Israel’s President Netanyahu, he decided to try something much more dangerous – the attack on Iran. Without considering the consequences, he arranged for the assassination of the spiritual leader of 250 million Shiite Muslims.

By so doing he has set in motion a chain of events that can only be bad for Americans worldwide – and which has short-term negative consequences for everyone on the planet.

Despite this, we see two positives coming out of this mess:

It will probably lead directly to the end of the MAGA movement and Trump’s influence. MAGA supporters have shown that they are completely unconcerned about Trump’s criminal convictions for fraud, his abuse of women, his January 6th insurrection and by his persistent lying, but that the increase in the “gas” price to above $4 per gallon in Texas is simply unacceptable.
It will sharply accelerate the world’s move away from fossil fuels generally. The world economy has been moving steadily towards renewables ever since they became cheaper than their fossil fuel alternatives – but the doubling of the oil price has made that move an imperative.

Like all events which impact directly on the stock market, Trump’s war in Iran provides an opportunity for private investors to capitalise.

Oil prices will probably remain high for the rest of this year, but they will gradually come down as markets find other sources of energy and find ways around the bottleneck in the Strait of Hormuz.

The impact of artificial intelligence on productivity levels worldwide is a far more important trend and will continue to push markets up for years to come. In the context of that, Trump’s foray into Iran is a mere “bump in the road”. You should take this opportunity to buy high-quality blue-chip shares while they at these low levels.

JSE Top 40

110,203.00 (-0.35%)

All Share

118,068.00 (-0.29%)

Financial 15

25,509.00 (-0.44%)

J200

J203

J212

Top Gainers

#	Code	Name	Close (c)	% move
1	ACT	AFRO-C	80	+14.29%
2	SZK	SABKABILI	3400	+13.30%
3	GML	GEMFIELDS	98	+11.36%

Top Losers

#	Code	Name	Close (c)	% move
1	LAB	LABAT	4	-20.00%
2	SEP	SEPHAKU	183	-13.68%
3	MKR	MNTKRENEW	2420	-10.37%

PDSNET Market Snapshot