💡Chart Worth Noting: A Broadening Market (Equal-Weight vs Cap Weight) / Overlayed With NewGold Issuer (GLD)

Research Notes May 2026 > https://www.unum.capital/post/rmay2026

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Chart: JSE Top 40 (Equally Weighted) Relative To JSE Top 40 Index Cap Weighted overlayed with JSE New Gold Issuer (GLD). For much of 2025, index returns were driven by gold and platinum shares, now, performance looks to be be broadening with more sectors starting to show positive returns. The GLD overlay is, in my view, an adequate representation of the inverse correlation between previous metals performance vs the ratio (J2EQ/J200). Note, a rising ratio means that sector performance is broadening while a falling ratio means that a narrow number of stocks and sectors are driving the market.

Lester Davids

Senior Investment Analyst: Unum Capital