JSE Sectors: Leaders & Laggards

Research Notes April 2026 > https://www.unum.capital/post/rapril2026

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Summary: 

Technology, Consumer Staples, Consumer Discretionary, and Luxury Goods are the standout turnarounds on the board, rapidly accelerating from Weak or Oversold Long-Term trends to hit a Strong or High Bullish state in the Short Term. Meanwhile, Diversified Miners have consistently maintained intense, bullish momentum across all timeframes, sustaining serious strength built from a solid Long-Term foundation. On the building front, Banks and Hospitals show a clear upward shift, breaking out from a sleepy Neutral Long-Term stance to establish a Strong or High Bullish Medium- and Short-Term footing. Conversely, several sectors are visibly losing their early longer-term strength, with Gold Miners cooling entirely to Weak in the Short Term, Platinum Miners fading to Neutral, and Chemicals losing their Short-Term momentum to settle at Neutral. Coal Miners are also deteriorating, fading from a Neutral base into a Weak Short-Term state. Finally, Insurers, Telecoms, and Paper & Pulp continue to languish under persistent, multi-horizon neutrality or underlying longer-term weakness.

Lester Davids

Senior Investment Analyst: Unum Capital