Daily Market Report

Global technology and semiconductor stocks staged a sharp rebound into the weekend after a brutal week-long sell-off driven by AI-valuation jitters that, at its worst, knocked the Philadelphia Semiconductor Index down roughly 15%. Friday's bounce was led by AMD (+11%), SanDisk (+12%) and Micron (+8%) as bargain-hunters returned to beaten-down chip names, helping the Nasdaq Composite rise 1.09% even as the Dow Jones Industrial Average lagged with a 0.46% decline on rate-path concerns. For the week, the S&P 500 trimmed its loss to 2.7% and the Nasdaq snapped a seven-month winning streak. The rebound carried into Monday's Asian session, with Japan's Nikkei 225 up 2.3% and Korea's KOSPI up 1.4%, while Taiwan's TAIEX surged after regulators curbed short-selling and activated a national stabilisation fund to halt a sharper semiconductor-sector rout there. Closer to home, South Africa's local government elections earlier this week delivered the ANC's worst-ever showing, with the DA making gains across several metros — a result markets read as reform-friendly — compounding a risk-on reaction to the 3 November US midterm elections to drive a sharp rally in the rand and the JSE through midweek, even as the JSE eased modestly on Friday in step with the global tech pullback.

The rand has been on a broadly firming trend into early November, supported by the market-friendly reading of the ANC's weak showing in this week's local government elections and DA gains in key metros — seen by investors as pressure for coalition reform and fiscal discipline in major cities — plus a risk-on reaction to the US midterm election outcome. R16.50 has been flagged by FX desks as a key near-term technical level for USD/ZAR, with this week's US inflation data also a swing factor for the pair.

The South African Reserve Bank's Monetary Policy Committee last raised the repo rate by 25 basis points to 7.25% at its September 2026 meeting, citing inflation risk from an Iran-related oil price shock. The next MPC decision is scheduled for 19 November 2026.

Notable JSE movers from Friday's close are detailed in Section 5 below; the All Share and Top 40 indices eased modestly on Friday after a sharp midweek rally tied to the local election results, with gold shares and Naspers cited in market commentary as having led that earlier advance.

No same-day (9 November 2026) JSE SENS results, trading statements or corporate-action announcements could be confirmed via available sources at the time of writing. The most recently confirmed JSE-related development is the exchange's announced plan to retire its legacy SENS market system under a new strategy (reported 4 August 2026) — a structural/systems story, not a same-day corporate release. Please check the JSE SENS feed directly (clientportal.jse.co.za) for real-time releases today.