Best and worst JSE Stocks Over the Last Decade

00:00 Market Overview and Key Players
00:52 Results; Invicta, Nvidia & Prosus
07:15 Harmony expands copper exposure
09:43 Standard Bank AI Structured Product
11:58 Top JSE Performers and Market Surprises over the last Decade

🌍 Worldwide Markets – Episode 658

📅 26 November 2025
🎙️ Hosted by Simon Brown
💼 Powered by Standard Bank Global Markets & Shyft

🔥 This Week’s Big Themes

📊 JSE 10-year returns — miners dominate!

💽 Nvidia results: great numbers, strange market reaction

🥇 Harmony goes big on copper

🛠️ SA Inc sleeper stock ready to run with GDP recovery

📦 Process/Tencent update: super-app dreams + buybacks

🧠 Standard Bank launches new AI structured product

🎯 Power Hour: Position your portfolio for 2026 (8 December)

🏭 Invicta Results — A Deep Value SA Inc Play

🏗️ Capital equipment group with exposure to SA, EU, US & Asia.

🌍 Tariffs hit their China → US shipments.

💰 Valuation extremely cheap:

PE under 5

Dividend yield +3%

Price-to-book: 0.7

🚧 SA’s weak GDP is the drag — but a recovery to 1.8% → 2% → 3% could turn this into a major SA Inc winner.

⚙️ Manufacturers sweating assets = more parts sold = small cyclical buffer.

🥢 Prosus / Naspers / Tencent — Cash Flow Turns Positive

💵 First positive free cash flow ever → +$59m vs -$104m.

💰 Billions of $ in cash reserves.

🍔 Food delivery (iFood, etc.) gaining scale + working toward a unified “super-app” model.

🧧 Still overwhelmingly driven by Tencent, but:

🎮 Tencent Games

🎵 Tencent Music

📺 Online ads

📱 WeChat ecosystem

🎥 Epic Games stake

🎞️ TikTok-style platforms

🔄 Ongoing share buybacks funded by selling Tencent into Hong Kong.

💻 Nvidia — Big Beat, Yet the Stock Falls?

📈 Beat on revenue, profit, and guidance — classic Nvidia.

🤔 But inventory jumped 32%, raising questions about demand visibility.

🏭 Meta reportedly exploring Google chips, with Amazon & Google also pushing their own silicon.

⚠️ Non-Nvidia chips = slower + higher power usage → still “B-grade”.

📉 Technically:

Support at ~$180

Next support ~$166

Further support ~$150s

🎈 Bubble chatter now turning into “yes, it is a bubble” — but bubbles go UP before they pop.

📉 Mag-7 200-day MA signals:

Only Meta sits below (-10%).

Microsoft almost there (+1.5%).

Amazon also soft (+5%).

🥇 Harmony — From Gold to Copper Giant?

🪙 Buying + building the Eva copper project in Australia.

🧱 Production cost: $2.50/lb copper (vs spot ~$4.50–$5.25).

⛏️ Harmony is shifting from pure gold → gold + copper, diversifying earnings.

🎙️ Jimmy Moyaha’s view:

✔️ Good blend of cyclical exposures

✔️ Some risk hedging between metals

⛏️ Deep SA gold mines = harder + costlier → copper is a logical hedge.

🔌 Copper = “metal of the future” (again) due to electrification & green tech.

🧠 Standard Bank AI Structured Product (Now Open!)

🧺 Basket:

🇺🇸 US Tech (NASDAQ)

🇨🇳 China Tech (KWEB)

💸 Auto-call feature:

Year 1: If both indices are positive → 16% payout

If not, each subsequent year with positivity → 16% per year

Max 5-year horizon = up to 80%

🛡️ Capital protection:

100% capital back if indices not more than 30% down at maturity

💵 Minimum: R25,000 (+ R1,000 increments)

🗓️ Closing: 3 December 2025

📍 Available via OST or your stockbroker.

📈 10-Year JSE Winners — The Miners Dominate
🥇 Top Performers (per-year returns, excluding dividends)

🥇 Harmony Gold — 43.5% p.a. (3600% total!)

🥈 Gold Fields — 37%

🥉 Kumba Iron Ore — 33% (42% incl. dividends)

⚒️ Exxaro — 28% + 12% dividends

⚙️ Northam Platinum — 28.5%

🇬🇧 Argent — 27% (first non-miner)

💼 African Rainbow Capital / Valterra — 25%

🏦 Capitec — 22.5% + dividends → 24% total

🛠️ Bell Equipment, Merafe, Sibanye — strong ~19%+

🌐 Datatec — 19% + 17% dividends → 37%

📉 Big Losers (per-year declines)

🪓 Eskom (ELI / ACO) — -26%

📦 Nampak — -18%

🛏️ City Lodge — -14.5%

🧪 ArcelorMittal — -14%

💊 Aspen — -10%

🛢️ Sasol — -10%

🏘️ Balwin — -7%

🍔 Famous Brands — -7%

🧱 PPC — -5%

🛒 Pick n Pay — -5%

🏥 Netcare — -4.8%

🧺 Woolworths — 2.4% p.a. (only 1.4% incl. dividends)

📊 Top 40 — 10-Year Benchmark Performance

📈 118% total return over 10 years

📉 CAGR: 8.2% (≈10.5% incl. dividends)

📌 Best period: 11.6% (2019)

📌 Worst: ~3% during crisis

🎯 Real return (CPI ~5%): ≈7% — very respectable.

📣 Call to Action

💬 Tell us in the comments:

Which 10-year winners do you own?

Which stats shocked you most?

What’s your best-performing JSE stock of the last decade?

🙏 Thanks to Standard Bank & Shyft

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