Trading Naspers & Prosus

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

Trade Local & Global Financial Markets with Unum Capital.

To get started, email tradingdesk@unum.co.za

Today's massive reversals are in line with Sunday's commentary.

PRX +8.36%

NPN +7.91%

NPN is also in line with our previous note (19/02) which highlighted the early signs of a base > https://www.unum.capital/post/npn1902

---

Previous Post: JSE Sectors Leaders & Laggards

Published: Sunday, 08 March for Monday, 09 March.

Summary: Technology and Paper & Pulp are the standout turnarounds on the board, rapidly accelerating from High Bearish and Oversold Long-Term trends, respectively, to hit a Strong state in the Short Term. Meanwhile, Telecoms, Chemicals, and Coal Miners have consistently maintained intense, high bullish and overbought momentum in the shorter timeframes, sustaining serious strength built from a Strong Long-Term foundation. On the building front, Insurers show a clear upward shift, breaking out from a sleepy Neutral Long-Term stance to establish a Strong Medium and Short-Term footing. Conversely, the broader mining block—Diversified, Gold, and Platinum Miners—is visibly losing its early longer-term strength, cooling entirely to Neutral in the Short Term, just as Consumer Discretionary and Consumer Staples remain trapped in persistent, multi-horizon weakness. Finally, Hospitals and Luxury Goods continue to languish under weak to neutral pressure, while Banks smoothly fade from a Neutral longer-term regime into a Weak short-term state, mirroring the broader JSE Top 40 Index's own fade from Strong to Weak.

The Leaders: High Bullish & Overbought Momentum

• Telecoms: The clear standout. It is the only sector holding "High Bullish Momentum" across both the Medium and Short-Term horizons, backed by a "Strong" Long-Term trend.

• Gold Miners: Sustaining massive Long and Medium-Term momentum. While it has cooled to "Neutral" in the Short Term, its Long-Term trajectory remains the most aggressive on the board.

• Coal Miners: Currently in a "danger zone" of exhaustion. While the Long-Term trend is "Strong," it is explicitly flagged as Overbought in both the Medium and Short-Term.

The Improving & Recovering

• Technology: A significant "V-bottom" play. It is emerging from "High Bearish Momentum" in the Long-Term to establish a Strong Short-Term footing.

• Insurers: Showing steady, textbook improvement. It moved from a "Neutral" Long-Term base to Strong in both the Medium and Short-Term.

• Paper & Pulp: A deep-value recovery. It is rotating from an Oversold Long-Term position into a Strong Short-Term trend.

• Chemicals: Strong Long-Term performance that has recently become overextended. It is currently Overbought in the Medium-Term but maintains high momentum in the Short-Term.

The Fading & Neutral

• Diversified Miners: Showing signs of "top-off." The Long-Term is "Strong," and the Medium-Term is "High Bullish," but it has flattened to Neutral in the Short-Term.

• Platinum Miners: Similar to Diversified Miners, the early "Strong" momentum is losing steam, cooling to Neutral in the Short-Term.

• Luxury Goods: Largely directionless. Despite a "Weak" Long-Term start, it has settled into a Neutral grind for both Medium and Short-Term periods.

The Laggards: Persistent Weakness

• Banks: Slowly deteriorating. They have slipped from a "Neutral" stance in the Long/Medium-Term into a Weak Short-Term regime.

• Consumer Staples: Consistently poor performance, marked as Weak in the Long and Short-Term, with a "High Bearish" dip in the Medium-Term.

• Consumer Discretionary: Under heavy pressure. It is "High Bearish" in the Long-Term and remains Weak across all other timeframes.

• Hospitals: Stuck in a "Weak" regime for both the Long and Short-Term, failing to capitalize on its brief "Neutral" Medium-Term stint.

Lester Davids

Senior Investment Analyst: Unum Capital