JSE Top 40 Rebounds Toward 111,700 as Resources and Ceasefire Relief Support Sentiment

Quick overview

The FTSE/JSE Top 40 Index is trading at a whoppng R111,700 on April 14, 2026, having climbed roughly 0.76-0.82% during the day. Meanwhile the broader All Share Index (ALSI) has also been rising, up 0.74-0.88% to around R119,358-R119,534.

Recent Performance – A Rollercoaster Ride

The market staged a big comeback on April 8 after the initial US-Iran ceasefire announcement kicked in and people started to get a bit more optimistic about the oil supply situation – causing the Top 40 to surge +4.16% to R111,665. However, come April 9 and it was a different story – with a fairly modest pullback of about 1.09% to R110,453 as people started taking profits and getting a bit more cautious again about all the geopolitical goings-on.

The Top 40 is still sitting below the highs of R121,000-R129,000 it reached earlier this year but its got some solid longer-term gains under its belt too – roughly 43-48% over the past year in ZAR terms. March was a pretty tough month with some pretty significant drawdowns before it all stabilised a bit in the final weeks.

Key Drivers Today and What’s on the Radar

• Geopolitics & Oil – The Never-Ending Story : The US-Iran ceasefire is still fragile and getting agree on a deal in Pakistan is proving tricky. Lower oil prices earlier in the month helped out SA a bit (we’re a net oil importer) and the Rand got a bit of a boost and some of the imported inflation pressures eased up. However, with renewed tensions and that oil price spike on April 13 we’re seeing a bit of an odd mix – Sasol and other energy names are benefiting but some people are getting a bit more cautious.
• A Stronger Resources Sector : Mining and commodity-related stocks (gold, platinum group metals) have been doing pretty well because of global commodity cycles. Not all sectors are looking so rosy though – some financials and property stocks are showing a bit of resilience.
• Corporate News – JSE Limited Turns Profit JSE Limited (the exchange operators) just reported record results for 2025 with a net profit after tax up 16.7% to over R1 billion – its first time cracking the R1 billion mark. Theyve also declared a higher ordinary dividend and a special dividend.

Where’s the Technical Analysis at?

The Top 40 is in an uptrend and has managed to bounce back from a good level of support. We’re seeing a pattern of higher lows coming through and the recent price action has managed to get back above the R110,000 level. The 50-SMA at R109,700 is looking like a good level of support while the 200-SMA at R109,000 is starting to act like a bit of a floor.

The trendline from late March is still in place and price is now coming up against some resistance at the R112,100-R114,400 level.

The RSI (Relative Strength Index) is sitting around 55-60 so we’re not getting too carried away yet – things are looking fairly positive but we’re not in overbought territory.

Trade Idea: Buy above R112,100 and target R114,400, but keep an eye out for a stop below R110,000.

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.

JSE Top 40 Pulls Back to 110,500 After 4% Ceasefire Rally – Will Relief Hold or Face Fresh Selling?

4 days ago

Save

JSE Top 40 Pulls Back to 110,500 as Ceasefire Relief Rally Faces Profit-Taking – Rebound or Deeper Dip Ahead?

5 days ago

Save

JSE Top 40 Set for Strong Rebound as Oil Plunge and Trump Ceasefire Spark Relief Rally on April 8

6 days ago

Save