South African Stock Market Performance in 2024

The overall performance of Africa’s biggest stock exchange hides the fact that local investors actually had a very good year. The list of gainers is noticeably longer than the list of shares that posted losses during 2024. The JSE All Share Index posted a return of only 9.2% for the year, barely beating a fixed deposit in the local bank.The action was to be found among smaller companies.

The Small Cap Index improved by just less than 27% since January 2024 when smaller SA companies recovered sharply after the uncertainty of the national election, from very low standings. The shares of medium-sized companies fared well too, as measured by the Mid Cap Index. It rose by 11.1%. Banks and financial services also did very well. Largely exposed to SA, our economy and SA citizens, the recovery in consumer sentiment led to a recovery in the Financial 15 Index of more than 15%.Industrials, also mostly SA companies, mirrored this improvement and increased by 15.3%. Unfortunately, mining sector shares declined by nearly 10%, according to the index that tracks the largest ten resource companies. However, there were winners, including gold stocks like Pan African Resources and Harmony. Looking at the shares that performed the best and the worst over the last 12 months revealed a few surprises, hence the quip about active management and doing diligent research to find opportunities. A bit of luck is necessary too. It is unlikely that any amount of research would have led investors to the share that posted the best gain in 2024. Sable Exploration and Mining (Seam) chalked up a gain of 1160% after starting the year on a lowly 15 cents, increasing to R1, falling back to 18 cents and then rising to end the year on R1.8

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