Markets in the Red: JSE Plunges, Rand Crashes to R16.94/$ as Iran War Rattles Investors

Financial markets across the globeand in South Africacontracted sharply last week as the Iran war intensified.

The sell-off continued on the JSE. Bonds were sold. The rand depreciated sharply against all three major currencies.

The JSE

The ALSI lost another 3.4% over the last seven trading days.

The index closed Friday at 114,924down 13,531 points or 10.53% from its record high of 128,455 on 27 February 2026, the day before the first US-Israeli attacks on Iran.

The Resources 10 index lost the most: -18.0% since the end of February.

Commodities

• Gold: Down 4.6% since the start of the conflict

• Platinum: Down nearly 14.0%

The Rand

On the foreign exchange market, the rand has depreciated sharply:

• From: R15.94/$ on Friday 27 February

• To: R16.94/$ at the close of Friday 13 March

That’s a drop of 100 cents or 6.20% in two weeks.

Against other majors:

• Pound: Down 98 cents to R22.44/£

• Euro: Down 663 cents to R19.44/€

The rand now trades at its worst levels against these currencies since the beginning of the year.

Oil

On the Brent oil market, the price per barrel has increased by $33 since the end of Februarywith prospects of further sharp increases as the conflict continues.

Greenpeace Germany reported that 68 loaded oil tankers are stranded in the Persian Gulf, and many more are avoiding the region.

The Bottom Line

The numbers tell the story:

• JSE: Down 10.5%

• Resources 10: Down 18%

• Rand: Down 6.2% to R16.94/$

• Oil: Up $33 a barrel

• Tankers: 68 stranded

The Iran war is not just a conflict. It’s an economic shockand markets are feeling it.

{Source: IOL}

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