War Trades: Coal Exposure

Research Notes March 2026 > https://www.unum.capital/post/rmar2026

Trade Local & Global Financial Markets with Unum Capital.

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Middle East conflict escalations have triggered a violent repricing in the global energy complex. On the back of this, coal has surged.

Our coal exposure has been via Thungela Resources where the share recently reached our extension target of R140. Last week the share reached multi-year high of R172.43. The update and original notes can be viewed at the following link > https://www.unum.capital/post/tga0903

Exxaro Resources is higher by over 25% since our 02 December trigger, with the recent high of R214.47. Our views on EXX, including the long term target were discussed here > (1) https://www.unum.capital/post/exx0203 and here (2) https://www.unum.capital/post/exx2301

Richards Bay Coal is continuing to recover, having recently reached a high of 117, from the alert level of 95 > https://www.unum.capital/post/rbcf1003

Lester Davids

Senior Investment Analyst: Unum Capital