Johannesburg, Feb 22, 2026, 09:54 SAST — The market has closed.
- The FTSE/JSE All Share wrapped up Friday’s session at 123,022, adding 0.97%. The Top 40 posted a 1.04% gain, closing at 114,830.
- Finance Minister Enoch Godongwana’s 2026 Budget Speech lands Wednesday, Feb. 25, set for 14:00. Investors are watching closely.
- Miners and retailers grab the spotlight following Sibanye’s numbers, with Spar’s trading update coming up Monday.
Traders in South Africa are watching just one thing as Monday trading begins: Wednesday’s national budget—always a catalyst for fresh views on tax, spending, and possible government backing. Both the FTSE/JSE All Share and the Top 40 closed higher on Friday, JSE data show.
Here’s why it matters right now: the bourse has been tracking global sentiment and raw material moves lately, but this budget is a homegrown trigger that could jolt banks, retailers, and bond proxies fast. National Treasury confirmed the budget date for Feb. 25 in Parliament, and lawmakers have pinned the speech to Cape Town City Hall.
The rand finished the week stronger at 16.08 per dollar, climbing 0.4% on Friday, even as energy prices ticked up — not ideal for a nation reliant on fuel imports. Brent crude hovered near $72 a barrel after tensions escalated in the Middle East, according to Reuters. A hotter U.S. inflation print drove the moves.
Sibanye Stillwater absorbed another 2.46 billion rand hit on its Keliber lithium project in Finland, but CEO Richard Stewart told investors on the results call that the group’s “long-term strategy” remains anchored in metals tied to “decarbonisation and an energy transition.” The miner posted headline EPS of 2.44 rand for 2025, up from 0.64 rand the previous year, and brought back its dividend, according to Reuters. Reuters
Gold stories just don’t quit—they spill into Johannesburg trading sessions too, no matter where the shares are listed. AngloGold Ashanti turned in full-year headline earnings of $2.725 billion, according to Reuters, and set a quarterly dividend at $1.73 per share. That brings this year’s total payout to $1.8 billion. CEO Alberto Calderon described the Arthur Gold Project in Nevada as “one of the largest and most significant greenfield gold discoveries of this century in the U.S.” Reuters
Retail’s still sparking. Spar announced via SENS—JSE’s regulatory wire—that it plans to drop a trading update Monday, Feb. 23, covering the 18 weeks through Jan. 30. There’s an investor call on the books, too, slotted for 09:00 to 09:30, where management will field questions on trading and the “recent executive leadership changes.” Sharenet
Plenty on the local data calendar this week as the budget takes center stage. According to Trading Economics, Tuesday brings the leading business cycle indicator, with producer prices—tracking factory-gate inflation—set for release Thursday. Then on Friday, expect money supply, private-sector credit, and trade figures, plus the usual round of debt auctions scattered throughout the week.
Global rates—always humming in the background—can get loud fast. This week’s U.S. calendar (Feb. 23–27) features consumer confidence on Tuesday, with producer prices following Friday, plus a string of Federal Reserve speakers thrown in. For South Africa, that lineup hits home: the rand tends to shadow changes in dollar demand and takes its cues from U.S. rate moves.
Still, the week isn’t locked in. A budget that pushes taxes higher, or steers more aid to state-owned companies, has the potential to rattle stocks tied closely to the domestic economy. Oil also looms as a wild card — another jump in prices could stoke inflation fears and narrow the path for rate cuts, regardless of how the currency performs.
