JSE Top 40 Rebounds 1.16% to 107,229 – Can Bulls Break 108,000 or Face 105,000 Test?

Quick overview

As of May 1st, 2026 (morning trading) the FTSE/JSE All Share Index closed at 115,181 on April 30th – with a welcome 1.15% jump upwards (or +1,315 points). The Top 40 Index had risen 1.16% to 107,229, which was a bit of a relief after a pretty turbulent April.

Key Drivers

• April Shakedown – April was a tough month for South African equities, with geopolitical tensions in the Middle East, disruptions to energy supplies and periodic risk aversion all taking their toll. Despite the ups and downs, the index still managed to chalk up a pretty solid 25% gain so far this year compared to the same period in 2025.
• Commodities & Global Pressure – Thursday’s gains were partly driven by resources, as commodity-related stocks reacted to global market movements. However, the lingering risks of US-Iran tensions and higher energy costs are still weighing heavy on investor sentiment.
• Market Goes Deep – the Market Capitalisation has now surpassed R8.17 trillion which highlights just how deep the South African equity market is. The JSE also had a great 2025 with net profit after tax exceeding R1 billion for the first time.
• Product Expansion: The exchange has even more to offer now with recent listings including Africa’s first ever nature-linked performance-based bond and some new actively managed ETFs. The JSE welcomed Aimia Inc. with the first Main Board secondary inward listing of 2026.

JSE Top 40 Technical Analysis

The JSE Top 40 Index is currently trading at 107,390 and is still trying to get back on its feet after a pretty sharp dip from the 113,700 region. The price is still being capped below a key 108,000 to 108,250 resistance zone, which just happens to line up with the 50 Day Moving Average, which is showing we’re still in a bit of a bearish rut.

The bigger picture shows a lower high formation, and that pesky descending trendline from recent peaks is still trying to keep a lid on any upside attempts. And to rub it in, the 200 Day Moving Average is lurking just around 109,000 – another layer of resistance to contend with. The RSI has bounced back up towards 50 which shows the market’s got some bit of life in it – but we’re still not seeing any real strong bullish mojo.

Key Levels:

• Resistance: 108,000 through to 109,000
• Support: 105,000 & 102,600

Trade Idea: Sell below 108,000 with a target of 105,000, stop-loss just above 109,100.

Despite all the near-term risks and worries, the underlying health and diversification of the JSE mean its still got a great role to play in Africa’s premier capital market.

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.

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