South African Stock Market Continues Uptrend, Strong ETF Performance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 23 2026
0mins
Source: CNBC
- Market Uptrend: South Africa's stock market has been trending steadily higher for nearly two years, brushing aside volatility in the U.S. and elsewhere, primarily driven by strong gold prices, indicating a significant reliance on gold in the market.
- ETF Momentum Recovery: The iShares MSCI South Africa ETF (EZA) has reestablished short-term momentum after a brief shakeout, with a bullish crossover in the daily MACD serving as a positive technical catalyst, suggesting a rebound in investor confidence.
- Technical Indicators Support: EZA is supported by three rising and diverging moving averages on the weekly chart, while a rising MACD histogram on the monthly chart reinforces the long-term uptrend, indicating that the intermediate- and long-term momentum behind South African equities remains healthy.
- Relative Strength Continuation: Since the start of 2025, South Africa's equity market has consistently outperformed the U.S. market, with the ratio of EZA to the S&P 500 trending higher, suggesting that South African equities could extend their relative strength through 2026, warranting investor attention on this trend.
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Analyst Views on AU
Wall Street analysts forecast AU stock price to fall
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 128.260
Low
92.00
Averages
116.20
High
131.00
Current: 128.260
Low
92.00
Averages
116.20
High
131.00
About AU
AngloGold Ashanti plc is a global gold mining company with a diverse portfolio of operations, projects and exploration activities in 10 countries, across four continents. The Company’s diverse portfolio includes approximately 11 operations in Argentina, Australia, Brazil, the Democratic Republic of the Congo (DRC), Egypt, Ghana, Guinea and Tanzania. The Company’s portfolio includes Africa, the Americas, and Australia. Its Africa portfolio includes Kibali- managed by Barrick Gold Corporation, Egypt (Sukari), Ghana (Iduapriem and Obuasi), Guinea (Siguiri) and Tanzania (Geita). The Americas hosts three of its operations, one in Argentina and two in Brazil, as well as two greenfield projects in Colombia and a significant new greenfield development in Nevada in the United States. Australia hosts two of its operations, which include Sunrise Dam and Tropicana, both in the north-eastern goldfields in the state of Western Australia.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- ETF Momentum Recovery: The iShares MSCI South Africa ETF (EZA) has reestablished short-term momentum after a brief shakeout, with a bullish crossover in the daily MACD serving as a positive technical catalyst, suggesting a rebound in investor confidence.
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- Surge in Oil Prices: WTI crude oil prices rose over 4% to an 8.5-month high due to threats from Iran to close the Strait of Hormuz, intensifying fears of energy supply disruptions and potential inflationary pressures in the economy.
- Natural Gas Price Spike: European natural gas prices surged more than 22% to a three-year high after Qatar's Ras Laffan plant was targeted by an Iranian drone attack, posing significant risks to global liquefied natural gas supply and market stability.
- Economic Data Expectations: This week, the ADP employment change is expected to increase by 50,000, while the ISM services index is projected to slip slightly, with markets closely monitoring these indicators to assess economic health and potential implications for Federal Reserve monetary policy decisions.
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- Market Panic Intensifies: The CBOE Volatility Index surged by 6% to 22.74, reflecting increased investor fear regarding short-term market volatility, with all 11 S&P 500 sectors trading in the red, showcasing widespread market pressure.
- Fed Policy Expectations Shift: Amid rising inflation fears, the 10-year Treasury yield climbed from 3.97% last Friday to approximately 4.06%, leading traders to reprice expectations for Fed rate cuts, now anticipating fewer chances of cuts in 2026.
- Strong Dollar Impact: The U.S. dollar index is on track for its largest two-day gain since February 2023, resulting in significant declines in gold and silver prices, with spot gold falling 4.6% to around $5,080 per ounce and silver plummeting 7.8% to $82 per ounce, highlighting the dollar's pressure on commodity markets.
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Oil Price Impact: Investors are worried that rising oil prices could negatively affect the global economy and reignite inflation fears.
AI Trade Vulnerability: The situation poses particular challenges for the previously thriving artificial intelligence sector.
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- Surge in Oil Prices: WTI crude oil prices rose over 8% to an 8.5-month high due to Iran's threats to close the Strait of Hormuz, potentially causing long-term disruptions in global energy markets and raising inflation expectations.
- Rising Bond Yields: The 10-year German bund yield climbed to a 2.5-week high of 2.814%, reflecting market worries about future inflation, which may prompt investors to shift towards bonds for safety.
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- Market Uptrend: South Africa's stock market has been trending steadily higher for nearly two years, brushing aside volatility in the U.S. and elsewhere, primarily driven by strong gold prices, indicating a significant reliance on gold in the market.
- ETF Momentum Recovery: The iShares MSCI South Africa ETF (EZA) has reestablished short-term momentum after a brief shakeout, with a bullish crossover in the daily MACD serving as a positive technical catalyst, suggesting a rebound in investor confidence.
- Technical Indicators Support: EZA is supported by three rising and diverging moving averages on the weekly chart, while a rising MACD histogram on the monthly chart reinforces the long-term uptrend, indicating that the intermediate- and long-term momentum behind South African equities remains healthy.
- Relative Strength Continuation: Since the start of 2025, South Africa's equity market has consistently outperformed the U.S. market, with the ratio of EZA to the S&P 500 trending higher, suggesting that South African equities could extend their relative strength through 2026, warranting investor attention on this trend.
See More
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- Tech Stocks Remain Under Pressure: The iShares Expanded Tech-Software Sector ETF (BATS:IGV) fell 5%, hitting its lowest level since August 2024, as software companies continued their recent downturn, suggesting ongoing challenges in the tech sector.
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