Listed equities continue upward trajectory in the second quarter - Anchor Capital

JSE-LISTED equities continued their upward trajectory in in the second quarter of 2025 (2Q25), Nolan Wapenaar and Peter Armitage, Chief Investment Officers at Anchor Capital, said on Wednesday.

- PHILIPPA LARKIN

Following on from a strong opening quarter, JSE-listed equities continued their upward trajectory to end 2Q25 up another 9.7%.

Year to date, the FSE/JSE Capped Swix has risen by 16.1%, and the MSCI South Africa Index is up 30.3% (in US dollar terms). This puts the JSE as a standout performer in global equities year to date and over the past 12 months.

"In April, we were still digesting the double threat of the GNU (Government of National Unity) failing and the Trump administration imposing growth-crippling tariffs across the globe. These factors were primarily to blame for us turning more defensive on local equities 12 months out," they said.

"While some of the risks have since deescalated, both locally and abroad, we still find the setup for JSE equities more balanced than at the beginning of 2025. Thus, we have maintained a neutral position on the asset class with a rand-denominated total return of 11% and a US dollar total return of 12.6% over the next 12 months."