π Worldwide Markets β Episode 660
ποΈ The Best and Worst of the JSE in 2025
π
10 December 2025
π§ Final episode of the year β back 14 January 2026
πΌ Powered by Standard Bank Global Markets & Shyft
π Opening Thoughts
- Last podcast of 2025! π
- A huge thank-you to listeners, watchers and everyone who engaged across the year π
- A wild year for markets, but a great year for returns π
- Wishing everyone a restful and safe festive break βοΈπ
π₯ Power Hour Recap β Position Your Portfolio for 2026
π Highlights included:
- π Looking back at 2025βs predictions (keeping it honest!)
- π€ The state of AI: spotting bubbles, when to worry, triggers to watch
- π° Gold & commodities outlook
- ποΈ Local retail β opportunities & risks
- π IPO environment
- π§ Positioning for 2026
π₯ Best Performers of the JSE in 2025
πͺ 1. Precious Metals: The Dominant Theme of 2025
Gold & PGM miners absolutely owned the market this year. If you werenβt in themβ¦ your portfolio lagged the benchmark.
Top returns (total return to 8 Dec):
- π₯ Sibanye-Stillwater* β +258% π€―
- π₯ AngloGold Ashanti* β ~+240%
- π₯ Northam β +214%
- π Gold Fields β +195%
- Implats β +153%
- Thungela / Valterra / others β 130β140% range
- Harmony β +119%
π Why the boom?
- Gold price exploded early in the year π
- Safe-haven flows amid tariff drama, budgets, DeepSeek shock
- Strong production + not-yet-expensive valuations
π¬ Simon: Still bullish on gold miners β not expecting another double, but valuations remain attractive if gold holds current levels.
π 2. Education Sector Winners
- π Stadio β +89%
- π§βπ« Killed it with distance learning demand and tertiary approvals
- π Curo delisted; ADvTech* solid with +20%
π£ 3. Purple Group* & EasyEquities
- +87% π
- Bull markets = busy brokers
- Results were slightly soft in H2 (bonuses cycle), but long-term story intact
π‘ 4. Telcos Roar Back (From a Very Low Base)
- π± MTN β +76%
- π΅ Blue Label β +73% (Cell C momentum)
- π IOCA β +65%
- βοΈ Telkom β +60%
- π₯ Vodacom β +38%
π Simon sold MTN a decade ago during the Nigerian fine panic β and never re-entered. Lesson: When it’s time to panic, panic fast.
π° 5. Standout Financials & Miscellaneous
- πͺ Sygnia β +72%
- π» Datatec β +70% (surprise performer)
- π Astral β +49% (thanks, cheaper maize!)
- π Rainbow Chicken β +43%
- π’ Growthpoint β +48% (big dividends)
- 𧱠Property sector broadly strong again: Redefine, Octodec, etc.
- π¦ PSG Financial Services β +40%
- πΌ Capitec β +29%
- π¦ Standard Bank β +31% β notably ahead of Capitec
- π§ Naspers β +25% (Simon sees opportunity post-share split)
- π’οΈ Sasol β +25% (still not a favourite)
π 6. Retail: The Yearβs Big Disappointment
- ποΈ Lewis β +22% (but deep down the list)
- π₯© Spur β +15%
- π Famous Brands β β16%
- π Shoprite* β β4.6% (value emerging)
- ποΈ Pick n Pay β β17% (slow turnaround)
- π Mr Price* β β26% (Simon still sees value)
- π Pepkor β weak, but potential for recovery
π» Worst Performers of the JSE in 2025
π₯ Biggest Losers
- π¨ Nutun / Transaction Capital legacy β β52%
- π Foschini* (TFG) β β50%
- π Sappi β β46% (ongoing structural challenges)
- 𧱠Afrimat β β43% (Lafarge integration still tough; Simon sees opportunity)
- π Aspen β β43% (lost sterile facility contract; utilization still weak)
- π§ Cashbuild β β37% (SA consumers tapped out)
- πΊ eMedia β heavy selling post-unbundling
π Retailers Under Pressure
- π₯ Spar β β28% (competition from Boxer + Shoprite* + Pick n Pay)
- π Mr Price* β β26%
- π Famous Brands β β16%
- π© Life Healthcare, Renergen*, ArcelorMittal SA β all struggling
π Macro, Risks & 2026 Outlook
π± Green Shoots in South Africa
- Early signs of improvement appearing
- Fragile but real: improving volumes, some recovery in SA Inc, stabilising consumer pockets
- REITs & banks starting from low valuations
β οΈ Risks
- Moody’s kept SA unchanged; risks tilt to the downside
- A global AI bubble burst would hit emerging markets hard
- External shocks more dangerous than local issues
π Global Watch: The Mag 7 & Market Signals
- Bubble warning model: Two giants below the 200-day MA
- Meta dipped back below β but still only one of the seven triggering
- Nvidia chart still healthy
- Gold still bullish
- Oil looks very weak
π€ Closing the Year
Simon wraps 2025 with gratitude and optimism:
- β¨ βItβs been a year β a wild one β but at least we got returns.β
- βοΈ Be safe this festive season
- π Special thanks to those working through December (retail, hospitality, logistics)
- ποΈ Back 14 January 2026 with the annual predictions show featuring Keith McLachlan & Marc Ashton β and, as always, theyβll mark themselves before forecasting ahead.
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JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
Wednesdays are all about hard-core investing and trading with Simon Brownβs famous JSE Direct podcast. JSE Direct started life on ClassicFM in July 2008 and became a podcast in 2011. Every week Simon shares his views on the state of global economies, individual shares and events moving markets.
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JSE β The JSE is a registered trademark of the JSE Limited.
JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
