{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"The Best, and Worst, on the JSE in 2025","description":"\ud83c\udf0d Worldwide Markets \u2014 Episode 660 \ud83c\udf99\ufe0f The Best and Worst of the JSE in 2025 \ud83d\udcc5 10 December 2025 \ud83c\udfa7 Final episode of the year \u2014 back 14 January 2026 \ud83d\udcbc Powered by Standard Bank Global Markets & Shyft \ud83c\udfc1 Opening Thoughts Last podcast of 2025! \ud83c\udf89 A huge thank-you to listeners, watchers and everyone who engaged across the year \ud83d\ude4f A wild year for markets, but a great year for returns \ud83d\udcc8 Wishing everyone a restful and safe festive break \u2708\ufe0f\ud83c\udf1e \ud83c\udfa5 Power Hour Recap \u2014 Position Your Portfolio for 2026 \ud83d\udccc Highlights included: \ud83d\udd19 Looking back at 2025\u2019s predictions (keeping it honest!) \ud83e\udd16 The state of AI: spotting bubbles, when to worry, triggers to watch \ud83d\udcb0 Gold & commodities outlook \ud83d\udecd\ufe0f Local retail \u2014 opportunities & risks \ud83d\ude80 IPO environment \ud83e\udded Positioning for 2026 Watch here. \ud83e\udd47 Best Performers of the JSE in 2025 \ud83e\ude99 1. Precious Metals: The Dominant Theme of 2025 Gold & PGM miners absolutely owned the market this year. If you weren\u2019t in them\u2026 your portfolio lagged the benchmark. Top returns (total return to 8 Dec): \ud83e\udd47 Sibanye-Stillwater* \u2014 +258% \ud83e\udd2f \ud83e\udd48 AngloGold Ashanti* \u2014 ~+240% \ud83e\udd49 Northam \u2014 +214% \ud83c\udfc5 Gold Fields \u2014 +195% Implats \u2014 +153% Thungela \/ Valterra \/ others \u2014 130\u2013140% range Harmony \u2014 +119% \ud83d\udccc Why the boom? Gold price exploded early in the year \ud83c\udf15 Safe-haven flows amid tariff drama, budgets, DeepSeek shock Strong production + not-yet-expensive valuations \ud83d\udcac Simon: Still bullish on gold miners \u2014 not expecting another double, but valuations remain attractive if gold holds current levels. \ud83c\udf93 2. Education Sector Winners \ud83c\udf93 Stadio \u2014 +89% \ud83e\uddd1\u200d\ud83c\udfeb Killed it with distance learning demand and tertiary approvals \ud83d\udcc9 Curo delisted; ADvTech* solid with +20% \ud83d\udfe3 3. Purple Group* & EasyEquities +87% \ud83d\ude80 Bull markets = busy brokers Results were slightly soft in H2 (bonuses cycle), but long-term story intact \ud83d\udce1 4. Telcos Roar Back (From a Very Low Base) \ud83d\udcf1 MTN \u2014 +76% \ud83d\udd35 Blue Label \u2014 +73% (Cell C momentum) \ud83d\udd0c IOCA \u2014 +65% \u260e\ufe0f Telkom \u2014 +60% \ud83d\udfe5 Vodacom \u2014 +38% \ud83d\udccc Simon sold MTN a decade ago during the Nigerian fine panic \u2014 and never re-entered. Lesson: When it's time to panic, panic fast. \ud83d\udcb0 5. Standout Financials & Miscellaneous \ud83d\udfea Sygnia \u2014 +72% \ud83d\udcbb Datatec \u2014 +70% (surprise performer) \ud83c\udf57 Astral \u2014 +49% (thanks, cheaper maize!) \ud83d\udc13 Rainbow Chicken \u2014 +43% \ud83c\udfe2 Growthpoint \u2014 +48% (big dividends) \ud83e\uddf1 Property sector broadly strong again: Redefine, Octodec, etc. \ud83c\udfe6 PSG Financial Services \u2014 +40% \ud83d\udcbc Capitec \u2014 +29% \ud83c\udfe6 Standard Bank \u2014 +31% \u2014 notably ahead of Capitec \ud83d\udfe7 Naspers \u2014 +25% (Simon sees opportunity post-share split) \ud83d\udee2\ufe0f Sasol \u2014 +25% (still not a favourite) \ud83d\uded2 6. Retail: The Year\u2019s Big Disappointment \ud83d\udecb\ufe0f Lewis \u2014 +22% (but deep down the list) \ud83e\udd69 Spur \u2014 +15% \ud83c\udf57 Famous Brands \u2014 \u201316% \ud83d\uded2 Shoprite* \u2014 \u20134.6% (value emerging) \ud83d\udecd\ufe0f Pick n Pay \u2014 \u201317% (slow turnaround) \ud83d\udc57 Mr Price* \u2014 \u201326% (Simon still sees value) \ud83d\udc5f Pepkor \u2014 weak, but potential for recovery \ud83d\udd3b Worst Performers of the JSE in 2025 \ud83d\udca5 Biggest Losers \ud83d\udea8 Nutun \/ Transaction Capital legacy \u2014 \u201352% \ud83d\udc57 Foschini* (TFG) \u2014 \u201350% \ud83d\udcc4 Sappi \u2014 \u201346% (ongoing structural challenges) \ud83e\uddf1 Afrimat \u2014 \u201343% (Lafarge integration still tough; Simon sees opportunity) \ud83d\udc89 Aspen \u2014 \u201343% (lost sterile facility contract; utilization still weak) \ud83d\udd27 Cashbuild \u2014 \u201337% (SA consumers tapped out) \ud83d\udcfa eMedia \u2014 heavy selling post-unbundling \ud83d\uded2 Retailers Under Pressure \ud83e\udd40 Spar \u2014 \u201328% (competition from Boxer + Shoprite* + Pick n Pay) \ud83d\udc56 Mr Price* \u2014 \u201326% \ud83c\udf54 Famous Brands \u2014 \u201316% \ud83c\udf69 Life Healthcare, Renergen*, ArcelorMittal SA \u2014 all struggling \ud83d\udcc9 Macro, Risks & 2026 Outlook \ud83c\udf31 Green Shoots in South Africa Early signs of improvement appearing Fragile but real: improving volumes, some recovery in SA Inc, stabilising consumer pockets REITs & banks starting from low valuations \u26a0\ufe0f Risks Moody's kept SA unchanged; risks tilt to the downside A global AI bubble burst would hit emerging markets hard External shocks more dangerous than local issues \ud83d\udcc8 Global Watch: The Mag 7 & Market Signals Bubble warning model: Two giants below the 200-day MA Meta dipped back below \u2014 but still only one of the seven triggering Nvidia chart still healthy Gold still bullish Oil looks very weak \ud83e\udd1d Closing the Year Simon wraps 2025 with gratitude and optimism: \u2728 \u201cIt\u2019s been a year \u2014 a wild one \u2014 but at least we got returns.\u201d \u2744\ufe0f Be safe this festive season \ud83d\ude4c Special thanks to those working through December (retail, hospitality, logistics) \ud83c\udf99\ufe0f Back 14 January 2026 with the annual predictions show featuring Keith McLachlan & Marc Ashton \u2014 and, as always, they\u2019ll mark themselves before forecasting ahead. \ud83d\udd17 Powered By \ud83c\udfe6 Standard Bank Global Markets \ud83c\udf0d Shyft \u2013 the global money app \ud83d\udcb8 Cheapest Forex rates, anywhere, anytime Simon Brown * I hold ungeared positions. All charts by KoyFin | Get 10% off your order   ","author_name":"WorldWide Markets with Simon Brown","author_url":"http:\/\/www.justonelap.com","html":"