| Asset | Level | Change |
|---|---|---|
| JSE Top 40 | 120,296.30 | +1.56% |
| USD/ZAR | 16.06 | +0.88% |
| EUR/ZAR | 18.93 | +0.73% |
| Platinum | 2,381.00 | +0.65% |
| Gold | 5,366.50 | +2.60% |
| Brent Crude | 77.51 | +6.94% |
| Naspers | 88,528.00 | -0.19% |
| Bitcoin | 66,772.07 | -0.33% |
| South Africa Short-term Rate | 6.75% | +0.00% |
| South Africa Long-term Rate | 8.62% | -2.00% |
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
| Data | Prior | Cons | Time |
|---|---|---|---|
| Wednesday (2026-03-04) | |||
| GDP Growth Quarter-over-Quarter | 0.50 | - | 23:30 |
| GDP Growth Year-over-Year | 2.10 | - | 23:30 |
| Business Confidence Index | 44 | - | 00:00 |
South African markets ended March 1 positively, with the JSE Top 40 index up 1.56% to 120,296.30, supported by commodity price increases. Gold prices rose 2.60% to 5,366.50, and platinum gained 0.65% to 2,381.00, aiding resource sectors despite energy challenges. Brent Crude increased 6.94% to 77.51, enhancing energy stocks but raising import costs.The rand depreciated, with USD/ZAR at 16.06 (+0.88%) and EUR/ZAR at 18.93 (+0.73%), driven by global risk aversion. Naspers shares dipped 0.19% to 88,528.00, while Bitcoin fell 0.33% to 66,772.07. Short-term rates held at 6.75%, and long-term rates declined to 8.62%.February CPI data showed headline inflation at 5.2% year-over-year, above consensus of 5.0% but lower than January's 5.4%, with core CPI steady at 4.8%.
Key data releases include South Africa's GDP growth figures on March 3, with quarter-over-quarter previous at 0.5% and year-over-year at 2.1%. These prints could indicate economic momentum amid energy and fiscal issues. On March 4, the Business Confidence Index is due, following a previous reading of 44, offering insights into sector sentiment.No events are scheduled for today, March 2, allowing markets to absorb recent gains. Attention focuses on commodity movements and rand fluctuations, with potential impacts from global geopolitical developments.
South Africa's mining industry gains from higher gold and platinum prices, though load shedding risks disrupt production and exports. Energy constraints at Eskom continue to hinder growth, straining infrastructure. Broader challenges include geopolitical tensions affecting commodity markets and investment flows into emerging economies like South Africa.
Escalating Middle East conflicts, including Israel's strikes on Hezbollah in Lebanon following missile launches and the U.S.-Israeli attack on Iran, threaten global oil supplies through the Strait of Hormuz. (cont...)
This drove Brent Crude up 6.94%, potentially increasing South Africa's fuel import costs and pressuring inflation. Flight cancellations by airlines like Emirates amid Iran tensions add to travel disruptions. In Africa, kidnappings surged in the Sahel region in 2025, raising security concerns that could impact regional investment and stability, indirectly affecting South Africa.Ghana reported at least 55 nationals killed in the Russia-Ukraine war, highlighting African involvement in global conflicts. Pakistan's bombings of Afghan cities signal rising border tensions, contributing to emerging market volatility. European fears of Russian hybrid warfare, including drone incidents near a French aircraft carrier, heighten global risk aversion, weighing on the rand.AI-resistant stocks propelled UK and EU markets to highs, contrasting South Africa's commodity dependence and possibly diverting capital. Australian house price increases despite rate hikes mirror potential resilience in South Africa's property sector.
The South African Reserve Bank held its repo rate at 6.75% in the latest decision, focusing on inflation within the 3-6% target band. Recent CPI data at 5.2% headline and 4.8% core reflect progress toward the midpoint, though global oil shocks pose risks. The committee voted to hold rates amid mixed economic signals.Forward guidance emphasizes monitoring external factors like commodity prices and geopolitical events, which could influence future policy. Markets anticipate no change at the next meeting, supporting rand stability but limiting easing expectations.