🌍 Worldwide Markets — Episode 660

🎙️ The Best and Worst of the JSE in 2025

📅 10 December 2025 🎧 Final episode of the year — back 14 January 2026 💼 Powered by Standard Bank Global Markets & Shyft

🏁 Opening Thoughts

• Last podcast of 2025! 🎉

• A huge thank-you to listeners, watchers and everyone who engaged across the year 🙏

• A wild year for markets, but a great year for returns 📈

• Wishing everyone a restful and safe festive break ✈️🌞

🎥 Power Hour Recap — Position Your Portfolio for 2026

📌 Highlights included:

• 🔙 Looking back at 2025's predictions (keeping it honest!)

• 🤖 The state of AI: spotting bubbles, when to worry, triggers to watch

• 💰 Gold & commodities outlook

• 🛍️ Local retail — opportunities & risks

• 🚀 IPO environment

• 🧭 Positioning for 2026

Watch here.

🥇 Best Performers of the JSE in 2025 🪙 1. Precious Metals: The Dominant Theme of 2025

Gold & PGM miners absolutely owned the market this year. If you weren't in them… your portfolio lagged the benchmark.

Top returns (total return to 8 Dec):

• 🥇 Sibanye-Stillwater* — +258% 🤯

• 🥈 AngloGold Ashanti* — ~+240%

• 🥉 Northam — +214%

• 🏅 Gold Fields — +195%

• Implats — +153%

• Thungela / Valterra / others — 130–140% range

• Harmony — +119%

📌 Why the boom?

• Gold price exploded early in the year 🌕

• Safe-haven flows amid tariff drama, budgets, DeepSeek shock

• Strong production + not-yet-expensive valuations

💬 Simon: Still bullish on gold miners — not expecting another double, but valuations remain attractive if gold holds current levels.

🎓 2. Education Sector Winners

• 🎓 Stadio — +89%

• 🧑‍🏫 Killed it with distance learning demand and tertiary approvals

• 📉 Curo delisted; ADvTech* solid with +20%

🟣 3. Purple Group* & EasyEquities

• +87% 🚀

• Bull markets = busy brokers

• Results were slightly soft in H2 (bonuses cycle), but long-term story intact

📡 4. Telcos Roar Back (From a Very Low Base)

• 📱 MTN — +76%

• 🔵 Blue Label — +73% (Cell C momentum)

• 🔌 IOCA — +65%

• ☎️ Telkom — +60%

• 🟥 Vodacom — +38%

📌 Simon sold MTN a decade ago during the Nigerian fine panic — and never re-entered. Lesson: When it's time to panic, panic fast.

💰 5. Standout Financials & Miscellaneous

• 🟪 Sygnia — +72%

• 💻 Datatec — +70% (surprise performer)

• 🍗 Astral — +49% (thanks, cheaper maize!)

• 🐓 Rainbow Chicken — +43%

• 🏢 Growthpoint — +48% (big dividends)

• 🧱 Property sector broadly strong again: Redefine, Octodec, etc.

• 🏦 PSG Financial Services — +40%

• 💼 Capitec — +29%

• 🏦 Standard Bank — +31% — notably ahead of Capitec

• 🟧 Naspers — +25% (Simon sees opportunity post-share split)

• 🛢️ Sasol — +25% (still not a favourite)

🛒 6. Retail: The Year's Big Disappointment

• 🛋️ Lewis — +22% (but deep down the list)

• 🥩 Spur — +15%

• 🍗 Famous Brands — –16%

• 🛒 Shoprite* — –4.6% (value emerging)

• 🛍️ Pick n Pay — –17% (slow turnaround)

• 👗 Mr Price* — –26% (Simon still sees value)

• 👟 Pepkor — weak, but potential for recovery

🔻 Worst Performers of the JSE in 2025 💥 Biggest Losers

• 🚨 Nutun / Transaction Capital legacy — –52%

• 👗 Foschini* (TFG) — –50%

• 📄 Sappi — –46% (ongoing structural challenges)

• 🧱 Afrimat — –43% (Lafarge integration still tough; Simon sees opportunity)

• 💉 Aspen — –43% (lost sterile facility contract; utilization still weak)

• 🔧 Cashbuild — –37% (SA consumers tapped out)

• 📺 eMedia — heavy selling post-unbundling

🛒 Retailers Under Pressure

• 🥀 Spar — –28% (competition from Boxer + Shoprite* + Pick n Pay)

• 👖 Mr Price* — –26%

• 🍔 Famous Brands — –16%

• 🍩 Life Healthcare, Renergen*, ArcelorMittal SA — all struggling

📉 Macro, Risks & 2026 Outlook 🌱 Green Shoots in South Africa

• Early signs of improvement appearing

• Fragile but real: improving volumes, some recovery in SA Inc, stabilising consumer pockets

• REITs & banks starting from low valuations

⚠️ Risks

• Moody's kept SA unchanged; risks tilt to the downside

• A global AI bubble burst would hit emerging markets hard

• External shocks more dangerous than local issues

📈 Global Watch: The Mag 7 & Market Signals

• Bubble warning model: Two giants below the 200-day MA

• Meta dipped back below — but still only one of the seven triggering

• Nvidia chart still healthy

• Gold still bullish

• Oil looks very weak

🤝 Closing the Year

Simon wraps 2025 with gratitude and optimism:

• ✨ "It's been a year — a wild one — but at least we got returns."

• ❄️ Be safe this festive season

• 🙌 Special thanks to those working through December (retail, hospitality, logistics)

• 🎙️ Back 14 January 2026 with the annual predictions show featuring Keith McLachlan & Marc Ashton — and, as always, they'll mark themselves before forecasting ahead.

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Simon Brown

* I hold ungeared positions.

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