SOUNDINGS

A daily reading of the South African investment case

The read, 30 Aug 2026

Fixed Investment (GFCF) as % of GDP D2
13.20%
Bearish
SA–US 10-Year Yield Spread X1c
409bps
Bullish

Equities & bonds D1

Are the All Share, precious-metals and financials indices making progress across the horizons — and what is the sovereign paying to borrow?

Horizon

Is the main index making progress? D1a

FTSE/JSE All Shareindex points · daily
100k110k120k130k118kOct 25Jan 26Apr 26Jul 26

In rand, on his instruction (2026-08-30). A dollar toggle — what the JSE did for capital that can leave — is on the nice-to-have list, not a requirement.

Table view — FTSE/JSE All Share
DateAll Share
28 Aug 2026118,173
27 Aug 2026116,806
26 Aug 2026116,814
25 Aug 2026116,828
24 Aug 2026116,712
21 Aug 2026117,748
20 Aug 2026115,659
19 Aug 2026116,051
18 Aug 2026113,324
17 Aug 2026114,673
14 Aug 2026114,061
13 Aug 2026114,115
12 Aug 2026114,981
11 Aug 2026115,943
7 Aug 2026117,518
6 Aug 2026115,306
5 Aug 2026115,416
4 Aug 2026114,256
3 Aug 2026112,675
31 Jul 2026111,493
30 Jul 2026111,873
29 Jul 2026110,440
28 Jul 2026109,904
27 Jul 2026110,110
24 Jul 2026109,398
23 Jul 2026108,335
22 Jul 2026109,683
21 Jul 2026108,980
20 Jul 2026108,936
17 Jul 2026109,570
16 Jul 2026110,337
15 Jul 2026110,289
14 Jul 2026110,573
13 Jul 2026110,003
10 Jul 2026110,355
9 Jul 2026109,489
8 Jul 2026108,349
7 Jul 2026110,326
6 Jul 2026111,164
3 Jul 2026111,507
2 Jul 2026110,449
1 Jul 2026109,613
30 Jun 2026110,314
29 Jun 2026110,271
26 Jun 2026110,231
25 Jun 2026110,901
24 Jun 2026109,829
23 Jun 2026111,635
22 Jun 2026112,730
19 Jun 2026112,611
18 Jun 2026114,998
17 Jun 2026116,025
15 Jun 2026115,556
12 Jun 2026112,721
11 Jun 2026110,254
10 Jun 2026109,593
9 Jun 2026111,130
8 Jun 2026111,090
5 Jun 2026111,275
4 Jun 2026112,454

Showing the most recent 60 of 251 observations in this window.

Bullish 118,173 at Friday's close (2026-08-28), +16.0% over twelve months. Weekend — no new bar possible; Friday's close verified unchanged on re-fetch.

The sectors, separately D1b

JSE Financialsindex points
50k55k60k65k64kOct 25Jan 26Apr 26Jul 26

The Mining and Banks indices he asked for froze upstream on 17 July 2026, and on 30 August he chose these substitutes himself: Precious Metals & Mining in place of Mining, Financials in place of Banks — both broader than the originals, chosen knowingly. Should Mining or Banks come back on stream they return as separate trackers alongside these, not in place of them; their history is kept. The precious-metals tracker is newborn. The index itself is live at the JSE, but no free source carries its back-history — our first print is 2026-08-28, and the chart appears once there are two points to join. Whether deeper history is worth buying is an open question for him.

Table view — The sectors, separately
DateJSE Financials
28 Aug 202664,051
27 Aug 202663,254
26 Aug 202663,405
25 Aug 202663,494
24 Aug 202662,807
21 Aug 202663,513
20 Aug 202663,415
19 Aug 202664,266
18 Aug 202663,952
17 Aug 202664,478
14 Aug 202664,696
13 Aug 202665,065
12 Aug 202664,621
11 Aug 202664,898
7 Aug 202665,763
6 Aug 202665,858
5 Aug 202665,613
4 Aug 202666,123
3 Aug 202665,277
31 Jul 202664,845
30 Jul 202664,217
29 Jul 202663,632
28 Jul 202663,702
27 Jul 202663,504
24 Jul 202663,052
23 Jul 202662,336
22 Jul 202663,249
21 Jul 202663,480
20 Jul 202663,543
17 Jul 202663,969
16 Jul 202664,195
15 Jul 202663,678
14 Jul 202663,888
13 Jul 202663,786
10 Jul 202663,943
9 Jul 202663,191
8 Jul 202662,757
7 Jul 202664,050
6 Jul 202664,546
3 Jul 202664,059
2 Jul 202663,817
1 Jul 202662,944
30 Jun 202664,042
29 Jun 202664,018
26 Jun 202663,905
25 Jun 202664,732
24 Jun 202664,282
23 Jun 202665,306
22 Jun 202665,310
19 Jun 202665,616
18 Jun 202665,056
17 Jun 202664,782
15 Jun 202664,030
12 Jun 202663,119
11 Jun 202661,965
10 Jun 202661,491
9 Jun 202661,925
8 Jun 202661,413
5 Jun 202661,033
4 Jun 202660,850

Showing the most recent 60 of 251 observations in this window.

Bullish 64,051 at Friday's close (2026-08-28), +17.9% over twelve months. First cycle this series is called: the client's substitute for the frozen Banks index, backfilled to 2016. Broader than Banks — insurers and property included — and chosen knowingly.

What is the sovereign paying to borrow? D1a

SA 10-year government bond yield% · daily
8.0%8.5%9.0%9.5%10.0%8.8%Oct 25Jan 26Apr 26Jul 26

The daily average yield on bonds ten years and longer, not a single benchmark bond. This is the SA leg of the spread on the Today page, and the leg the brief’s counterintuitive rule turns on.

Table view — SA 10-year government bond yield
DateSA 10-year
27 Aug 20268.76%
26 Aug 20268.70%
25 Aug 20268.81%
24 Aug 20268.86%
21 Aug 20268.85%
20 Aug 20268.80%
19 Aug 20268.81%
18 Aug 20268.83%
17 Aug 20268.75%
14 Aug 20268.71%
13 Aug 20268.71%
12 Aug 20268.70%
11 Aug 20268.67%
7 Aug 20268.64%
6 Aug 20268.60%
5 Aug 20268.63%
4 Aug 20268.76%
3 Aug 20268.81%
31 Jul 20268.87%
30 Jul 20268.91%
29 Jul 20268.82%
28 Jul 20268.79%
27 Jul 20268.99%
24 Jul 20269.06%
23 Jul 20269.02%
22 Jul 20268.84%
21 Jul 20268.78%
20 Jul 20268.82%
17 Jul 20268.75%
16 Jul 20268.65%
15 Jul 20268.66%
14 Jul 20268.64%
13 Jul 20268.57%
10 Jul 20268.57%
9 Jul 20268.60%
8 Jul 20268.56%
7 Jul 20268.46%
6 Jul 20268.47%
3 Jul 20268.50%
2 Jul 20268.55%
1 Jul 20268.57%
30 Jun 20268.53%
29 Jun 20268.48%
26 Jun 20268.49%
25 Jun 20268.52%
24 Jun 20268.62%
23 Jun 20268.60%
22 Jun 20268.58%
19 Jun 20268.58%
18 Jun 20268.55%
17 Jun 20268.57%
15 Jun 20268.66%
12 Jun 20268.77%
11 Jun 20268.91%
10 Jun 20268.92%
9 Jun 20268.92%
8 Jun 20269.08%
5 Jun 20268.86%
4 Jun 20268.79%
3 Jun 20268.77%

Showing the most recent 60 of 251 observations in this window.

Bullish 8.76% on 2026-08-27, down from 10.12% a year ago. Friday's print lands Monday. A falling sovereign yield is the SA leg of the spread rule doing the work.

Where these numbers come from

SeriesSourceCadenceLatest
JSE All Share IndexYahoo Finance chart API (^J203.JO — FTSE/JSE All Share)daily · quantitative2026-08-28 · current
JSE Precious Metals & Mining IndexYahoo Finance chart API (^JS5513.JO — FTSE/JSE Precious Metals & Mining)daily · quantitative2026-08-28 · current
JSE Financials IndexYahoo Finance chart API (^J580.JO — FTSE/JSE SA Financials)daily · quantitative2026-08-28 · current
SA 10-Year Government Bond YieldSARB Web API — CMJD004A, daily avg govt bond yield 10 years and longerdaily · quantitative2026-08-27 · current