African equities have shown signs of slowing momentum following a recent rally, characterized by a flat close of the JSE FTSE Top 40 index at 86,131.92 points. While 13 out of 20 sectors reported gains, notable declines in energy minerals and transportation highlight uneven performance. Concerns over U.S. tariffs have led to lowered economic growth expectations, affecting external demand. Nevertheless, anticipated interest rate cuts and significant infrastructure investment commitments by the government may bolster market activity.
While market breadth remained broadly positive, as 13 of 20 sectors ended in positive territory, performance was uneven.
Economic growth expectations have been revised lower amid concerns over the direct and indirect impact of U.S. tariffs.
The moderation in market momentum coincides with mounting macroeconomic headwinds.
President Cyril Ramaphosa has announced ZAR 238 billion in project commitments, while the National Treasury has allocated ZAR 1.03 trillion over the next three years.
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