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 rise
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 106.540
Low
92.00
Averages
116.20
High
131.00
Current: 106.540
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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- Tax Liability Management: To address tax liabilities, Calderon sold 38,542 ordinary shares at an average price of $106.3375 per share, totaling approximately $4.1 million, demonstrating proactive tax management by the executives.
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- Executive Share Transactions: On March 6, 2026, AngloGold Ashanti executives Alberto Calderon and Gillian Doran conducted share transactions, with Calderon receiving 80,296 ordinary shares under the 2023 Deferred Share Plan.
- Tax Liability Management: To address tax liabilities, Calderon sold 38,542 ordinary shares at an average price of $106.3375 per share, totaling approximately $4.1 million, demonstrating proactive tax management by the executives.
- Shareholding Status: After the sale, Calderon retains 330,063 ordinary shares and additional unvested incentive awards, while Doran holds 58,175 ordinary shares and 101,416 unvested performance shares, indicating executive confidence in the company's future.
- Doran's Transaction: Doran also received 10,252 ordinary shares on March 6, 2026, selling 5,126 shares to meet tax obligations at $106.2967 per share, totaling about $544,876, reflecting consistent financial planning among executives.
See More
AngloGold Ashanti (AU.US) Officer Plans to Sell $4.36 Million in Common Stock via Form 144
Share Sale Announcement: Angelo Gold Ashanti (AU.U.S) officer Calderon intends to sell 38,542 shares of its common stock on March 6, with a total market value of approximately $4.36 million.
Reduction in Shareholding: Calderon has reduced his shareholding in Angelo Gold Ashanti by 40,148 shares since December 10, 2025, with a total value of around $3.2 million.
See More
Olive Resource Capital Investment Portfolio Update
- Portfolio Value Growth: As of February 28, 2026, Olive's investment portfolio exceeded C$20 million, nearly tripling from C$6.41 million on December 31, 2024, indicating strong performance and market confidence in resource investments.
- Top Investment Performers: Companies like Omai Gold Mines, West Point Gold, and Arizona Sonoran excelled in Olive's portfolio, particularly with Arizona Sonoran's acquisition at month-end signaling the potential start of an M&A cycle, which could open up further investment opportunities for the company.
- Share Buyback Program: Under the Normal Course Issuer Bid, Olive repurchased 116,500 shares in February 2026, reflecting the company's confidence in its stock value while providing returns to shareholders and enhancing market trust in the company.
- Increased Liquid Investments: Olive's liquid investments and cash equivalents rose from C$2.78 million in 2025 to C$4.19 million, demonstrating the company's strong liquidity position to navigate market volatility and seize future investment opportunities.
See More
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- Market Decline: The S&P 500 index fell by 0.94%, reaching a 3.25-month low, reflecting investor concerns over escalating tensions in Iran, which may impact future investment decisions and market stability.
- 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.
See More
Wall Street Plummets Amid Escalating Geopolitical Tensions
- Oil Price Surge: The escalating conflict between the U.S., Israel, and Iran has driven West Texas Intermediate crude oil prices up by 6.4% to $75.8 per barrel, marking the largest two-day rally since March 2022, indicating heightened market concerns over energy supply disruptions.
- 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.
See More
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Market Concerns: The markets are experiencing a downturn due to escalating fears of a prolonged conflict in Iran.
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.
Investment Climate: Overall, it is becoming increasingly difficult for investors to find safe investment opportunities amid these uncertainties.
See More
