JSE Relative Sector Analysis

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

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Published after market close on Tuesday, 24 March for Wednesday, 25 March.

Summary: Chemicals is the standout leader on the board, rapidly heating up from a High Bullish Long-Term trend to an Overbought state in both the Medium and Short terms. Meanwhile, Diversified Miners and Coal Miners reached Overbought momentum in the Medium Term before smoothly consolidating into sustainable, Strong Short-Term regimes, alongside Banks which maintained a Strong status across all timeframes. On the turnaround front, Hospitals show an explosive reversal from a Weak Long-Term stance to High Bullish Medium-Term momentum and an Overbought Short-Term state. Similarly, Consumer Staples and Paper & Pulp are steadily climbing out of their longer-term weak and bearish ruts to establish High Bullish momentum in the Short Term, just as Luxury Goods moves from a Weak Long-Term to a Strong Short-Term footing. Conversely, Technology and Consumer Discretionary remain trapped in persistent weakness or oversold territory across longer horizons, barely recovering to Neutral in the Short Term. Platinum Miners and Gold Miners are visibly losing their early momentum, with Platinum fading to High Bearish Momentum in the Short Term and Gold dropping from a Strong Long-Term stance to Weakness in the nearer terms.

Lester Davids

Senior Investment Analyst: Unum Capital