Week Ending: 4 September 2026

South Africa ZA Financial Services Industry

Banks - Regional

For the week ending 04 September 2026, Banks - Regional declined 0.49% with 4 advancing, 2 declining, and 0 unchanged constituents. The index is equal weighted and the constituent tape shows uncapped security returns.

Current architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

69 technical evidence
Index2191.27 1 week-0.49% Breadth67% Members6
Country 🇿🇦 South Africa · ZA
Sector Financial Services
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 Unresolved 9 completed weeks in this state
Trend acceptance 7.4% Index versus Trend Line
Persistence 100% Positive across every horizon
Participation 67% 4 advancing, 2 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.

69 technical evidence
out of 100
Evidence balance

Five-pillar map

Selective
Trend
64
Breadth
66
Persistence
50
Relative
100
Risk quality
83
What supports the view
  • The index remains above a constructive Trend gate.
  • Participation is broad enough to support the index move.
  • Relative performance is improving within its parent hierarchy.
What restrains conviction
  • 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
  1. A completed weekly close below the Trend Line at 2,040.49 would weaken the constructive case.
  2. Breadth falling below 45% while the index holds up would signal narrowing leadership.
  3. 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 Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

State age9 weeks
Trend gateMixed
Fan width6.32%
Fast versus slow change2.49 pts
Above 100% 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
31.0%
26-week
6.8%
39-week
13.4%
52-week
29.0%
Regime age9 weeks 52-week flips7 52-week boundary1698.38
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 Financial Services

Improving
Relative index 13-week relative trend Starting level
Rotation dashboard Improving

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

Relative index116.9
13-week trend112.2
4-week trend change2.29%
Weekly peer rank1 of 3
1 week
1.7 pts relative
4 weeks
5.6 pts relative
13 weeks
8.6 pts relative
26 weeks
12.0 pts relative
52 weeks
22.5 pts relative

Market internals

Participation, dispersion and path risk

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

Breadth

Participation quality

Broad
Advancing
4
Declining
2
Unchanged
0
4-week average 67%
13-week average 65%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility31.3%
Drawdown from 52-week high-2.5%
Positive weeks, last 1346%
Current directional run1 week
Turnover versus 13-week norm216%
Breadth impulse1.4 pts
Cross-section

Return distribution

6 measured
Q1 0.0% Median 0.2% Q3 0.7%
Average winner0.6%
Average loser-2.6%
Dispersion2.1 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.

0 qualified records across 6 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 SBKStandard Bank Group Limited
0.91% 2 NEDNedbank Group Limited
0.89% 3 INLInvestec Group
0.24% 4 ABGAbsa Group Limited
0.23% 5 CPICapitec Bank Holdings Limited
-0.02%

Weakest edge

6 RMHRMB Holdings Limited
-5.17% 5 CPICapitec Bank Holdings Limited
-0.02% 4 ABGAbsa Group Limited
0.23% 3 INLInvestec Group
0.24% 2 NEDNedbank Group Limited
0.89%

Constituent ledger

Industry constituents

All 6 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 SBK Standard Bank Group Limited JNB 51.33T 32,204.00 0.15 pts
0.91%
2 NED Nedbank Group Limited JNB 13.52T 29,881.00 0.15 pts
0.89%
3 INL Investec Group JNB 3.90T 14,128.00 0.04 pts
0.24%
4 ABG Absa Group Limited JNB 18.68T 23,200.00 0.04 pts
0.23%
5 CPI Capitec Bank Holdings Limited JNB 53.67T 466,651.00 0.00 pts
-0.02%
6 RMH RMB Holdings Limited JNB 77.56B 55.00 -0.86 pts
-5.17%

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

Evidence context