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South African equities hover near record levels as cooling inflation fuels cautious optimism, with the JSE Top 40 Index holding firm at 82,614 points, testing the critical 83,000 resistance mark. While the benchmark dipped 0.13% midweek, sectoral strength underpinned sentiment, with 14 of 20 sectors advancing.
The Electronic Technology sector spearheaded gains, soaring 8.54%, while Technology Services (+4.57%) and Distribution Services (+3.96%) also rallied. Conversely, Health Technology stocks plummeted 27.38%, dragged down by Aspen Pharmacare’s 30.7% nosedive after the firm flagged a contractual dispute threatening ZAR 2 billion in FY25 EBITDA and a ZAR 770 million impairment risk.
Macroeconomic tailwinds bolstered the market as South Africa’s March inflation cooled to 2.7%—a near four-year low—down from 3.2% in February. Declining fuel prices (-8.8%) and moderated education fee hikes (+4.5%) drove the slowdown, while core inflation fell to 3.1%, its lowest since late 2021. Analysts suggest sustained disinflation could pave the way for rate cuts in late 2025, potentially energizing equities despite lingering high borrowing costs.
