The JSE rally broadens in October as precious metal miners lose momentum - Anchor Capital

THE JSE continued its strong run into October with the FTSE/JSE Capped SWIX Index up 1.8% month on month (m/m), leaving the local bourse up 33.4% year to date (ytd).

- PETER LITTLE

THE JSE continued its strong run into October.

(SUPPLIED)

The shape of the JSE return in October was decidedly different to the themes, which dominated for the first three quarters of 2025.

Precious metal miners were responsible for two-thirds of the JSE’s ytd performance through September, with gold and platinum miners rallying by 184% and 173%, respectively, over those nine months.

Meanwhile, stocks geared to the domestic economy were up 4% in aggregate over the same period.

During October, though, the precious metal miners were a drag on the JSE’s performance with gold miners down 5% m/m and platinum miners down 10% m/m, while the domestically geared companies rallied by 8% m/m collectively.

While the gold price was up in October, up 3.7% m/m, it dropped by 8% in the latter part of the month, breaking some of the momentum which had taken it to an all-time high of $4,381/ oz on 20 October in an incredible run of a gain of 110% since the start of 2024.