02/07/2026
Market Update: Making Sense of a Fast-Moving First Half of 2026
The first six months of the year have flown by, bringing a constant stream of global and local news.
In our latest update, Ben and Thabu break down the key market shifts from June and what they mean for your portfolio.
Here is what we cover in this episode:
Local Markets under Pressure: The JSE fell 3.9% in June, heavily impacted by an 18% drop in resource shares.
The decline was driven by a 14% drop in the gold price and a 25% drop in the oil price.
While Sasol (down 25%) and Sibanye Stillwater (down 28%) faced significant pullbacks, Naspers delivered stellar results with headline earnings up 38% over the last 12 months.
We also saw positive momentum in financials and industrials like Outsurance, Bidcorp, and Richemont.
Global Rotations: We discuss the historic listing of the company "sp X" on June 12, which added trillions to its market capitalization and saw its share price shoot up to 225 USD before pulling back to around 170 USD.
While the Nasdaq slipped 2.9% as investors rotated out of the big tech giants, the Dow Jones gained 2.5%.
We explain why we still see strong value in heavyweights like Microsoft, Google, and Meta, and share our excitement over adding Latin American e-commerce and fintech leader Mercado Libre to our portfolios.
Currencies and Fuel Relief: The Rand weakened 1.4% against the US Dollar but strengthened by 0.9% against the Euro and 0.3% against the Pound.
On the bright side, falling petrol (down 1 Rand per liter) and diesel prices (down just over 1 Rand per liter) should bring much-needed relief to consumers and help drive inflation down in the coming months.
Watch the full video to get the complete analysis. To everyone currently on holiday—enjoy the break and travel safely!
