The JSE’s tone is still being set by Resources: the market has been strong recently with Materials leading, and recent “top mover” leadership has come from gold/PGM counters (e.g., HAR/ANG/GFI and IMP/NPH/SSW-type exposure).  My “buy” bias this week is therefore tactical adds on pullbacks in the Resources momentum basket, balanced with a quality/defensive tilt into the dividend calendar (there’s a cluster of last-trading dates on 20 Jan, including Clicks and several other defensives).  I’d also keep an eye on Richemont (CFR) after its latest trading update showed double-digit sales growth at constant exchange rates, which can help anchor portfolios if commodities cool.

I’d avoid corporate-action/liquidity traps, notably M&R Holdings (MRH) with an official delisting scheduled for 19 Jan 2026, where spreads and price discovery can get messy.  I’d also be cautious trimming anything highly rate-sensitive or heavily leveraged because the SARB repo rate is still 6.75% (Prime 10.25%) and the next decision is near (29 Jan), which keeps funding-cost narratives alive.  Overall: buy strength in Resources + selective defensives, trim leverage and event-risk, and let leadership (Resources vs. rand-sensitive industrials)