Month/Quarter-End: Relative Strength & Weakness For JSE Sectors

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

Trade Local & Global Financial Markets with Unum Capital.

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

Summary: Coal Miners, Diversified Miners, and Chemicals are the standout leaders on the board, consistently maintaining intense, bullish momentum across all timeframes and sustaining serious strength built from a solid Long-Term foundation (with Chemicals and Diversified Miners hitting Overbought extremes in the Medium Term). On the turnaround and stabilization front, Hospitals surged from a Weak Long-Term stance to Strong in the Medium Term, while Paper & Pulp and Consumer Staples successfully clawed back from High Bearish and Weak longer-term trends to establish a steady Neutral Short-Term footing. Gold Miners also showed notable resilience, bouncing right back to a Strong Short-Term state after a brief Neutral dip. Conversely, several sectors are visibly losing ground: Telecoms and Platinum Miners are fading from early Long-Term strength down to Weak and Neutral Short-Term states respectively, while Banks and Insurers are sliding from a sleepy Neutral Long-Term regime into Short-Term weakness. Finally, Technology, Consumer Discretionary, and Luxury Goods continue to languish under persistent, multi-horizon weakness, struggling with High Bearish, Oversold, or stubbornly Weak conditions across the board.

Lester Davids

Senior Investment Analyst: Unum Capital