November sees JSE outperforming global markets, thanks to precious metals

THE JSE was one of the best-performing global stock markets in November with the FTSE/JSE Capped SWIX Index up 2.3% month on month (m/m); the only major bourse to outperform the JSE last month was the Brazilian Bovespa, up 6.4% m/m.

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THE JSE was one of the best-performing global stock markets in November.

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The November rally pushed the FTSE/JSE Capped SWIX Index to a 51% year to date (YTD) gain when measured in US dollar terms. Only the Bovespa and the Spanish IBEX 35 (+53% and +64% YTD, respectively, in US dollar terms) have been able to do better thus far in 2025.

Precious metal miners were back as the driving force of JSE returns in November, with gold and platinum miners up 13% m/m in aggregate, boosted by a re-acceleration in precious metal prices.

Gold and platinum prices both rallied 6% m/m, leaving these precious metal prices 62% and 84% higher, respectively, YTD.