The JSE delivers a fifth consecutive positive monthly return in July

SOUTH African equity markets delivered a fifth consecutive positive monthly return with the FI'SE/JSE Capped SWIX Index up 2.2% month on month (m/m), leaving the local bourse 18.7% higher year to date (YTD).

- PETER LITTLE

In a familiar theme for the year, it was the precious metal miners that were driving returns, with platinum miners up 10% m/m and gold miners up 4% m/m delivering more than half of the July index returns between them.

Platinum group metals (PGMs), rhodium ( up 32% m/m), and palladium (up 8% m/m) led the PGM miners’ share prices higher.

Telcos, another JSE sector that has outperformed in 2025 up 64% YTD, were also amongst the local bourse’s winners in July.

Telkom, which rose16% m/m, reported strong 2025 results and a resumption of dividend payments after a four-year suspension, while MTN, which rose 9% m/m, was buoyed by the strong operational performance reported by its Nigerian unit.

Investment conglomerates Naspers and Prosus, which rose 3% m/m and up 36%

YTD in aggregate also lifted the JSE’s performance in July. JSE-listed stocks with predominantly global earnings, Anheuser Busch InBev (ABI) and Richemont (-10% m/m), were two of the JSE’s biggest losers in July.