Daniel Wesonga

South African equities closed largely unchanged on Tuesday, with the JSE FTSE Top 40 Index ending at 84,542.98, reflecting persistent investor caution amid geopolitical and trade-related uncertainty. Sector performance was mixed, with 13 of 20 sectors declining. Electronic technology led losses, falling 6.02%, followed by utilities (-3.62%) and distribution services (-2.20%). Conversely, gains were recorded in technology services (+0.95%), communications (+0.63%), and industrial services (+0.62%).

Among major constituents, Naspers rose 1.39%, supported by strength in technology names, while Gold Fields gained 1.05% and Capitec Bank Holdings added 0.37%. On the downside, financials were under pressure, with Investec (-2.35%), Standard Bank Group (-1.93%), and Firstrand (-1.73%) weighing on broader performance.

At the same time, the domestic equity market could continue to face headwinds from evolving global trade conditions. U.S. tariffs for countries such as South Africa pose a direct threat to key export sectors. Furthermore, South Africa’s shift in geopolitical alignment could have an impact on investors’ perception. As the country deepens ties with China, benefiting from duty-free access and infrastructure investment, its relationship with traditional Western partners, particularly the U.S., could remain strained. The broader pivot toward non-Western alliances adds to market uncertainty. Given these crosscurrents, South African equities are likely to remain range-bound in the near term.