South Africa’s JSE Top 40 Soars to 86,350 as Rand Hits 17.9 and Gold Climbs 3.4%

The JSE Top 40 (J200) is holding steady at 86,350 ZAR as global uncertainty weighs on markets. Despite small intraday moves this is a sign..

Arslan Butt•Monday, May 26, 2025•2 min read

Quick overview

The JSE Top 40 remains stable at 86,350 ZAR amid global market uncertainty, reflecting strong investor confidence.
The South African rand has strengthened to 17.9 against the US dollar, its highest since December 2024, supported by a surge in gold prices.
President Ramaphosa's meeting with former President Trump has positively impacted investor sentiment by initiating talks on critical minerals.
Technically, the JSE Top 40 shows an uptrend with key support at 85,176 ZAR and resistance at 86,890 ZAR, indicating potential for further movement.

The JSE Top 40 (J200) is holding steady at 86,350 ZAR as global uncertainty weighs on markets. Despite small intraday moves this is a sign of strong investor confidence driven by a mix of local and international factors. The South African rand has strengthened to 17.9 against the US dollar – its strongest since mid-December – while gold has surged 3.4%.

JSE FTSE All Share Index: 93,121.62 ZAR, down 0.01%
Rand/USD exchange rate: 17.9, strongest since Dec 2024
Gold rally: Biggest weekly gain in over a month
SA 2030 bond yield: Down 2.5 bps to 8.87%

President Cyril Ramaphosa’s meeting with former US President Donald Trump has given a boost. They agreed to start talks on critical minerals which is key to South Africa’s growth. Ramaphosa’s office called the meeting “successful” which has lifted investor sentiment. Finance Minister Enoch Godongwana’s budget approval has also calmed the political waters and reassured markets on the fiscal front.

Rand’s strength boosted by gold and trade talks

The rand has gained sharply as gold has risen on a weaker US dollar and growing fiscal concerns in Washington. As a major gold producer South Africa’s market benefits directly from rising gold demand. And the Ramaphosa-Trump talks on minerals signals a collaborative approach that will further boost the South African economy. This combination has strengthened the rand and the JSE Top 40.

JSE Top 40 Technical Outlook points to breakout

Technically the JSE Top 40 is in a rising channel with higher highs and higher lows – a sign of an uptrend. The 50-period EMA at 85,176 is support while resistance is at 86,890. A break above this could take the index to 88,118.6. A drop below 85,176 could see a pullback to 84,302 or 83,491.

JSE Price Chart - Source: Tradingview — JSE Price Chart – Source: Tradingview

Supports: 85,176, 84,302, 83,491
Resistance: 86,890, 88,118.6
Momentum: MACD is bullish and rising

For investors, wait for a clear signal – a bullish engulfing candle or high volume breakout – before getting in. The JSE Top 40 is steady as the market is steady so watch this space as the global drama unfolds.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.