The JSE crossed a historic milestone on Wednesday, breaching 100,000 points for the first time in its 137-year history.
The all share index, the broadest measure of SA’s stock market performance, hit a record high of 100,504 points in morning trading. It has gained nearly a quarter over the past year as resources and financial stocks shrug off geopolitical noise and threats of tariffs.
JSE group CEO Leila Fourie called the milestone a “powerful reflection of the resilience, innovation and operational excellence” of companies listed on the bourse. “This landmark demonstrates that investors continue to place their trust in the SA market and in the ability of our listed companies to drive growth and deliver value,” she said.
The strong performance of SA equities this year is mainly a global story, said Old Mutual investment strategist Izak Odendaal, who cited strong global markets and soaring gold and platinum prices.
As safe-haven demand boosted precious metal prices, the bourse’s rally this year has mainly been driven by mining firms, with the JSE precious metals and mining index having doubled in value since end-December.
Record gold prices have played a role in sustaining the rally, with the price of the bullion rising 41% over the past year, driven by strong safe-haven demand stemming from policy uncertainty and mounting trade tension. An uptick in platinum prices has provided further encouragement for the local mining industry, particularly given SA’s outsize role in global platinum supply.
Outside the direct effect of higher prices on mining companies’ margins, the local stock exchange also tended to benefit from the perception that SA is a “commodity country”, Odendaal said earlier this year. “If the fund manager or trading algorithm in New York sees commodities doing well, they tend to allocate more to SA to capture that trade,” he told Business Day in March.
Amid favourable metals prices, this reputation continues to protect SA from the nerves about US President Donald Trump’s tariff threats, with some of SA’s emerging market peers, such as the more export-focused Taiwan and South Korea, being more vulnerable to the prevailing policy uncertainty.
The SA equity market has experienced one of the broadest recoveries in global equity markets since Trump’s “Liberation Day” tariff scare in early April that spooked global markets, according to research by Deutsche Bank.
The all share finished the first six months of 2025 up 14.7%, the strongest first-half performance since the 17.4% growth in the first half of 2006, when the economy was on a hot streak after sustained growth.
Precious metals were among the few SA exports excluded from US “liberation day” tariffs, giving the local mining sector some protection from the two countries’ deteriorating trade relationship. However, precious metal prices are not the only driver behind the JSE’s rally. The strong performance may also be a vote of confidence in the country’s new coalition government and optimism about economic reform and fiscal consolidation.
The outcome of last’s year’s election sparked a wave of optimism in the private sector, with business owners and investors hopeful that the government of national unity (GNU) could create the stability needed to reignite long-term investment in the country. Banks have shown resilience to fears about trade wars and their implication on global growth, with the JSE SA financials index edging up more than 3% this year.
“GNU-optimism does help, especially now that the risk around passing the budget has receded,” Odendaal said.
A stronger rand has also lent support to SA’s capital markets, with the local currency firming 6.85% against the dollar since the start of the year.
In a statement after the milestone, the JSE attributed its performance over the past five years to commodity booms (gold and platinum), resilient corporate earnings and improved investor sentiment.
“Key sectors like mining, banking and technology fuelled gains, while structural reforms and fiscal stability underpinned the JSE’s rise as a gateway to African markets,” the group said, adding that the latest feat “reflects the index’s resilience and its role as a barometer of SA’s economic potential”.
At 100,000 points, the all share index is now 1,000 times bigger than its starting value of 100 points in January 1960. It has delivered an annualised return of more than 11% over this time.
The index represents 125 listed companies with a combined market value of R21-trillion. It is ranked among the world’s 20 largest stock exchanges and is Africa’s largest stock exchange.
“This milestone is a reminder of the important role the JSE plays in enabling companies to grow, innovate and create jobs, which ultimately benefits the broader economy,” Fourie said.
Update: July 23 2025
This story has been updated with new information.
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