Week Ending: 11 September 2026

South Africa ZA Basic Materials Industry

Gold

For the week ending 11 September 2026, Gold declined 1.94% with 2 advancing, 4 declining, and 0 unchanged constituents. The index is equal weighted and the constituent tape shows uncapped security returns.

Current architecture Upward Expansion

The activity fan is positively ordered above a rising Trend Line with price accepted above it.

61 technical evidence

Index8151.20 1 week-1.94% Breadth33% Members6

Country 🇿🇦 South Africa · ZA

Sector Basic Materials

Universe country-listed

Price basis Adjusted weekly close

Trend architecture

Index, activity fan and structural anchors

Rolling 156-week evidence. Trend Signal points mark weeks when price, trend and the activity fan confirmed together.

Index Value Trend Line Fair Value Activity Lines Constructive architecture Transitional architecture Defensive architecture

Current architecture Upward Expansion 1 completed week in this state

Trend acceptance 19.4% Index versus Trend Line

Persistence 100% Positive across every horizon

Participation 33% 2 advancing, 4 declining

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Build exposure selectively

The evidence is constructive, but security selection and entry discipline still matter.

61 technical evidence
out of 100

Evidence balance

Five-pillar map

Selective

Trend

Breadth

Persistence

Relative

Risk quality

What supports the view

The index remains above a constructive Trend gate.
Relative performance is improving within its parent hierarchy.

What restrains conviction

Breadth remains too narrow or inconsistent for a high-conviction position.
Constituent persistence remains divided or predominantly negative.
The index is extended well above current Fair Value, increasing chase risk.
Positive contribution is concentrated in a small leadership cohort.

Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view

A completed weekly close below the Trend Line at 6,829.40 would weaken the constructive case.
Breadth falling below 45% while the index holds up would signal narrowing leadership.
A turn to negative 13 and 26-week parent-relative performance would remove the rotation edge.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Upward Expansion

The activity fan is positively ordered above a rising Trend Line with price accepted above it.

State age1 weeks

Trend gateUp

Fan width17.93%

Fast versus slow change8.60 pts

Above 83% Below 0%

Six completed weeks of price acceptance relative to the full Activity Line fan.

Index persistence

Positive across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point upward, giving the advance broad horizon agreement.

13-week

66.9%

26-week

12.1%

39-week

20.3%

52-week

47.1%

Regime age104 weeks 52-week flips0 52-week boundary5540.24

Constituent trend persistence

Is the index move broadly durable?

Constituent persistence coverage is still building.

Custom stage map

Where constituents sit in the cycle

Stage Analysis coverage is still building.

Capital rotation

Performance relative to Basic Materials

Improving

Relative index 13-week relative trend Starting level

Rotation dashboard Improving

A rising relative line means this group is compounding faster than Basic Materials. A falling line means capital has done better in the parent benchmark.

Relative index290.7

13-week trend269.0

4-week trend change8.30%

Weekly peer rank5 of 6

1 week

-1.5 pts relative

4 weeks

6.3 pts relative

13 weeks

33.6 pts relative

26 weeks

8.1 pts relative

52 weeks

23.5 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Narrow

33% advanced

Advancing: 2
Declining: 4
Unchanged: 0

4-week average 42%

13-week average 51%

Risk and persistence

Path quality

52-week lens

Annualised weekly volatility57.5%

Drawdown from 52-week high-7.2%

Positive weeks, last 1354%

Current directional run3 weeks

Turnover versus 13-week norm183%

Breadth impulse-19.4 pts

Cross-section

Return distribution

6 measured

Q1 -2.8% Median -2.7% Q3 0.4%

Average winner2.4%

Average loser-4.1%

Dispersion3.7 pts

Top-five upside share100%

Top-five capital share100%

Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week persistence

Positive readings show expansion. Negative readings show contraction.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence

Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

1 qualified records across 6 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 HARHarmony Gold Mining Company Limited

3.52% 2 RNGRandgold & Exploration Company Limited

1.33% 3 GFIGold Fields Limited

-2.59% 4 DRDDRDGOLD Limited

-2.72% 5 ANGAngloGold Ashanti plc

-2.78%

Weakest edge

6 PANPan African Resources PLC

-8.43% 5 ANGAngloGold Ashanti plc

-2.78% 4 DRDDRDGOLD Limited

-2.72% 3 GFIGold Fields Limited

-2.59% 2 RNGRandgold & Exploration Company Limited

1.33%

Constituent ledger

Industry constituents

All 6 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return

1 HAR Harmony Gold Mining Company Limited JNB 20.37T 33,541.00 0.59 pts

3.52%

2 RNG Randgold & Exploration Company Limited JNB 28.56B 380.00 0.22 pts

1.33%

3 GFI Gold Fields Limited JNB 62.97T 73,115.00 -0.43 pts

-2.59%

4 DRD DRDGOLD Limited JNB 3.69T 4,378.00 -0.45 pts

-2.72%

5 ANG AngloGold Ashanti plc JNB 84.02T 168,694.00 -0.46 pts

-2.78%

6 PAN Pan African Resources PLC JNB 5.88T 2,706.00 -1.40 pts

-8.43%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.