Online Reporter
platinum and gold shares have stolen the show on the JSE this year, with returns as high as 161 percent in the case of Sibanye Stillwater, helping power the JSE to new highs on Tuesday as the All Share index cracked 101 200.
“Much like the US’ Magnificent Seven leading Wall Street’s rally, South Africa boasts its own ‘Incredible 10’,” says Kea Nonyana, market analyst at Scope Prime.
“These 10 stocks have been responsible for a remarkable 94 percent of the SWIX’s year-to-date gain of 20,8 percent, with the top three alone driving 52 percent of the advance. The top two are Gold Fields and AngloGold Ashanti, with platinum group miners (PGM) also leading the charge.”
One of the big investment stories of the year has been the surge in precious metals, bringing respectability to the overall JSE performance. Besides Sibanye Stillwater’s surge, AngloGold Ashanti is up 151 percent so far this year, Gold Fields and Northam Platinum both up 128 percent, Impala Platinum 95 percent and Harmony Gold 90 percent.
“I don’t see gold back down again,” says TF Metals report founder Craig Hemke. “Gold has proven that its rally is sustainable and for sustainable reasons.”
Gold is up 28 percent this year, trading this week at US$3 340 an ounce. Platinum is up nearly 50 percent, breaking above its previous 2022 high, with palladium clocking a 25 percent gain so far in 2025.
Gold’s surge since 2024 has been sparked by tensions in Ukraine and the Middle East, a weaker US dollar, central bank buying, and stubborn inflation in the US.
Comparing the JSE’s average annual return over the last decade of roughly 11 percent with the S&P 500’s around 15 percent a year suggests one would be far better off investing abroad.
That said, there have been some spectacular performers on the JSE so far this year – most of them in the mining sector. — Moneyweb
