JSE Relative Sector Analysis

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

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Summary: Miners are a standout leader on the board, pushing from a Strong Long-Term trend into an Overbought state in the Medium Term before maintaining a sustainable, Strong Short-Term regime.

Meanwhile, Banks have consistently maintained a strictly Neutral stance across all timeframes.

On the turnaround front, Hospitals show an explosive reversal from a Weak Long-Term stance to Strong momentum in both the Medium and Short terms, just as Luxury Goods steadily climb out of their longer-term weakness to establish a firm, Strong short-term footing. Similarly, Consumer Discretionary is showing signs of stabilization, pulling up from an Oversold Long-Term base to reach a Neutral Short-Term stance.

Conversely, Technology, Consumer Staples, and Paper & Pulp remain trapped in persistent weakness across all horizons, suffering from High Bearish Momentum in the Long Term and remaining Weak through the shorter timeframes. Furthermore, previously robust sectors like Coal Miners and Chemicals are visibly losing their longer-term strength, fading entirely to Weak in the Short Term.

Lester Davids

Senior Investment Analyst: Unum Capital