Share prices of large companies largely declined, while a few small companies brought a bit of cheer.
Picture: iStock
The first six months of 2026 can only be described as a disappointment for investors on the Johannesburg Stock Exchange (JSE).
Some smaller companies recorded decent gains for a handful of investors, but the majority of investors holding shares in leading, large-cap companies had to bear rather significant losses.
JSE rewards investors
The JSE had rewarded investors well in 2025, with a gain of 37%, and started 2026 well – adding another 12% by the end of May to see the JSE Top 40 Index touch 130 000 points before falling back to around 110 300 by the end of June.
At the half-year mark, the market had dropped 5.6% since the first trading day of 2026.
You can count the large companies that posted decent gains using your fingers, and without using them twice.
Gainers on the JSE
Sasol immediately stands out as the big cap that recorded the largest gain after increasing 52% from around R106 to nearly R160, while the Sasol BEE share increased 33%. Sasol beneftited from the rising oil, coal and chemical prices due to the Iran war.
The same scenario pushed the share prices of Omnia and AECI 42% higher, by 42% and 40% respectively.
MTN Group, BHP and AB InBev were the only other big companies among the top 25 gainers.
One can add Anglo American to the rather sparse list when looking at the first 50 shares. It was up 15% to R810 at the end of June.
| Biggest share price gains in the first six months of 2026 | |
| Randgold & Exploration | 217% |
| Salungano Group | 100% |
| Numeral Group | 65% |
| Grindrod | 58% |
| Cafca | 57% |
| Sasol | 52% |
| Stefanutti Stocks Holdings | 47% |
| Baldwin Properties | 47% |
| TeleMasters Holdings | 43% |
| PPC | 42% |
| Omnia Holdings | 42% |
| KAP | 41% |
| AECI | 40% |
| Altron | 39% |
| Delta Property Fund | 36% |
| Sun International | 36% |
| Putprop | 36% |
| Aspen Pharmacare Holdings | 35% |
| Oasis Crescent Property Fund | 34% |
| Sasol BEE | 33% |
| MTN Group | 33% |
| Orion Minerals | 32% |
| Examplar REITail | 31% |
| BHP | 30% |
| AB InBev | 29% |
Source: Compiled from ProfileData statistics published by Moneyweb
Increases and decreases
The largest increases – and decreases – were in the share prices of small companies.
The reasons behind the big increases of 100% and 200% are interesting.
The share that showed the largest gain since 2 January 2026 is Randgold & Exploration, with a gain of 217%.
As reported in a Moneyweb article in April, the share jumped from its then price of around R1 to R2.25 at the end of June after the company informed shareholders that legal proceedings to recoup stolen shares during the Brett Kebble management period are eventually heading to court, if only for the court to take a look at the first of many arguments and affidavits.
There are billions (of dollars) at stake, translating to a huge payout for shareholders if claims for the stolen assets are successful.
Companies gained 100%
Second on the list of gainers is coal producer Salungano Group, with an increase of 100% in its share price from 50 cents to R1. Previously Wescoal, the sharp increase was due to the fact that the JSE allowed the share to trade again after being suspended for years.
The share had to catch up to the prevailing improved sentiment towards coal companies, andit remains to be seen if Salungano is out of the woods yet.
Numeral Group jumped 65%. Shareholders took courage from a company announcement that Numeral recovered what management described as a hijacked asset, even if there are massive uncertainties with regards to the publication of annual results and even bigger uncertainties around restatements to results that were published in prior years.
Industrial group KAP is on the list of gainers after recovering from a big fall earlier – after the company published a trading update that warned shareholders to expect lower earnings due to problems with upgrades and expansions at one of its divisions.
Declines
The list of the shares that declined the most since the beginning of 2026 contains equally interesting situations.
The share price of African retailer Choppies Enterprises declined by 81%, after being the top performer when Moneyweb ranked share performance in the past.
No specific reason comes to mind, except that the share was trading at unreasonably high multiples when it was sitting at R8 at the beginning of 2026. The current R1.43 seems more plausible, even if the price-earnings ratio is still above 20 times.
Another small company that has seen its share price gyrate violently is mining company Mantengu.
In the last three years the share price increased from 50 cents to R2, then crashed to the current 30 cents.
Price manipulation
This led to management lodging complaints of price manipulation to the JSE and the Financial Sector Conduct Authority (FSCA) – and censure by the JSE when directors continued to publish statements to warn shareholders of possible price manipulation.
Another interesting situation is the decline of nearly 40% in the share price of African Bitcoin Corporation (AfBitcoin), previously called Altvest Capital, seemingly because the price of bitcoin crashed spectacularly.
AfBitcoin fell from R11 at the beginning of the year to the current R4.90.
There might be various reasons for the decline, but the company’s strategic decision to link its fortunes to that of bitcoin seems plausible.
Bitcoin as long-term treasury reserve asset
The company says its holds bitcoin as a long-term treasury reserve asset to “strengthen its balance sheet and lower its cost of capital”. CEO Warren Wheatley says in its recent annual report that bitcoin spent most of the period under review below the average acquisition cost.
“Global private credit came under a form of pressure it had not experienced in its modern history. Geopolitical uncertainty created persistent headwinds across emerging market currencies and risk assets,” he told shareholders.
“Bitcoin entered our financial year under pressure and remained so throughout. At 28 February 2026, Bitcoin was trading at approximately $62 791 per coin, well below our average group acquisition cost of approximately $90 377.”
Then it gets interesting.
Most mining companies decline
While the company hitched its wagon to bitcoin to the extent of changing its identity and renaming it to AfBitcoin, it is notable that the company only owns some R5.4 million worth of bitcoin compared to its total balance sheet of R348 million.
The large companies on the list of declines include a lot of mining companies, largely platinum miners and a bit lower down a few gold mining companies.
Sappi is high on the list, with management commenting that the operating environment is characterised by persistent macroeconomic headwinds, subdued consumer demand, ongoing geopolitical trade tensions and lower selling prices of all products in all regions.
| Biggest share price declines in the first six months of 2026 | |
| Choppies Enterprises | -81% |
| Sappi | -63% |
| Mantengu | -63% |
| Europa Metals | -57% |
| Cilo Cybin Holdings | -56% |
| Spar Group | -51% |
| Shuka Minerals | -51% |
| Southern Palladium | -47% |
| Copper 360 | -46% |
| Sibanye-Stillwater | -44% |
| Africa Bitcoin Corporation | -39% |
| Labat Africa | -38% |
| Gemfields Group | -36% |
| enX Group | -35% |
| Impala Platinum Holdings | -35% |
| Trellidor Group | -35% |
| Aveng | -34% |
| Hulamin | -34% |
| Afrimat | -34% |
| DRDGold | -34% |
| Eastern Platinum | -33% |
| Clicks Group | -32% |
| Optasia | -32% |
| Afrocentric Investment Corporation | -31% |
| Northam Platinum | -31% |
Source: Compiled from ProfileData statistics published by Moneyweb
This article was republished from Moneyweb. Read the original here.
