FNB Mid Cap ETF Running +38% + 3 Current Opportunities

Research Notes January 2026 > https://www.unum.capital/post/rjan2026

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Date: Sunday, 25 January 2026

Just over 16 months ago (18 September 2024), we highlighted the FNB Mid Cap ETF with the thesis outlined. Since then the ETF has returned 38%, trading at multi-year highs with the trend remaining positive over the short and medium term.

Below are 3 mid cap charts that stand out from a technical perspective.

ITE - Italtile: Strong multi-year support, with false breakdown and reclaim.

CSB - Cashbuild: Strong multi-year support at R120 to R125, with re-emerging momentum.

OCE - Oceana: Re-emerging momentum within a multi-year range.

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Previous Post: JSE Mid-Cap Exposure - Wednesday, 18 September 2024

Real-Time: 09h48

• Exposure can be obtained via the FNB Mid Cap ETF

• Ticker: FNBMID

• The group has been a multi-year laggard

• Technically, the ETF is emerging from a multi-month base

• Valuations may support higher levels.

Lester Davids

Senior Investment Analyst: unum Capital