February presented a paradoxical picture for the South African stock market. The JSE All Share Index, after reaching numerous all-time highs, including a close of 89,061.67, ultimately dipped by 0.02%. This contrasted sharply with the 0.96% MoM gain in the JSE Top40 Index and January’s trends. Precious metals miners reversed their previous gains (-6.17% MoM), while industrials drove growth gaining 3.40% MoM. Financials experienced modest increases (0.82% MoM), but SA Listed Property stocks slipped 0.29% MoM. A political standoff within South Africa’s GNU, centred on a proposed 2% VAT increase, led to the unprecedented last-minute delay of the national budget, now scheduled for March 12th.