South Africa's main stock index falls 2% to 112,662.20

South Africa's main stock index, the FTSE/JSE All Share Index, fell 2% to 112,662.20 on June 19, 2026, continuing a downward trend that has seen the index decline sharply since the start of the Middle East conflict. The index is on track for its worst monthly performance since September 2008, having dropped 13% in March alone. The decline has been driven by a broad selloff in emerging-market assets and a sharp drop in precious metal prices, which have hit the mining sector particularly hard.

The mining and precious metals sector, which accounts for about a quarter of the index's weighting, has fallen 27% since the conflict began. This has erased earlier gains driven by a surge in gold prices. The selloff has also extended to other sectors, including construction, retail, and banking, which have all fallen more than 10% this month.

Investor sentiment has been further dampened by rising oil prices, which have topped $100 a barrel, fueling inflation concerns and prompting central banks to consider rate hikes. The South African Reserve Bank has already raised its inflation forecasts and warned that a prolonged conflict could lead to higher interest rates, which would further weigh on economic growth.

Despite the recent losses, some analysts remain cautiously optimistic, noting that foreign investors remained net buyers. However, an extended period of geopolitical uncertainty could prolong the downturn and deepen the impact across multiple sectors.