Goldman Sachs tops global M&A league tables as mega deals power 2025 dominance

South African Market Summary

The FTSE/JSE All Share index rose 1.84% to 118,722.83, while the Top 40 index gained 1.94% to 110,889.53, led by continued strength in resource counters. The Resources 10 index advanced 2.47%, with African Rainbow Minerals and Impala Platinum reaching 52-week highs. However, macro conditions softened, as the S&P Global PMI fell to 47.7 in December from 49.0, signalling a full quarter of contraction. Separately, WeBuyCars ended its inspection partnership with Dekra Automotive following consumer complaints and has transitioned vehicle assessments in-house.

 European Market Summary

European equities advanced, with the STOXX 600 up 0.58% to a record high, while German and Spanish indices also reached new peaks. Business sentiment improved modestly following the UK budget, although Deloitte’s executive optimism gauge remains below trend. Inflation continued to moderate, with German HICP slowing to 2.0% year-on-year and eurozone core inflation easing to 2.4%. Softer goods and leisure prices contributed to the decline. The improving inflation backdrop reinforced expectations of gradual ECB policy easing, supporting risk appetite despite heightened geopolitical tensions and uneven regional growth signals.

American Market Summary

Wall Street ended higher, with chip stocks rallying on renewed AI optimism and Moderna surging nearly 11% following a broker upgrade, helping lift healthcare shares. The Dow Jones closed at a record high as investors looked ahead to upcoming labour data, which could strengthen the case for future rate cuts if economic momentum cools. Services PMI eased slightly to 52.5, still indicating expansion, while trading volumes remained above recent averages. Federal Reserve commentary signalled a cautious approach to policy adjustments as markets position for fourth-quarter earnings season.

Asian Market Summary

Asian markets traded mixed as investors assessed geopolitical risks, with defence stocks pausing after recent gains. Australian equities advanced after inflation undershot expectations at 3.4%, easing pressure on the Reserve Bank. Hyundai Motor extended its rally following plans to introduce humanoid robots into US manufacturing operations from 2028. In Japan, the services PMI softened to 51.6, still signalling expansion but reflecting weaker domestic demand. Overall, regional risk sentiment remained balanced, supported by easing price pressures and selective structural growth themes across technology-linked and industrial sectors.

Commodity Market Summary

Oil prices moved lower as the United States indicated it expects access to 30–50 million barrels of sanctioned Venezuelan oil, reinforcing expectations of ample supply through 2026. Morgan Stanley now forecasts a potential surplus of up to three million barrels per day in the first half of the year, reflecting subdued demand growth and rising production from OPEC and non-OPEC producers. API data showed a 2.77-million-barrel draw in US crude inventories, partly offset by fuel stock increases, with markets awaiting official EIA data for further confirmation.

Currency Market Summary

The rand eased slightly following weaker PMI data but continued to trade near three-year highs, supported by softer global yields and a steady risk backdrop. Sterling strengthened to multi-month highs against both the dollar and euro, supported by improving investor sentiment and expectations of closer UK-EU engagement. The dollar traded in narrow ranges ahead of key US labour releases, with Federal Reserve policy prospects remaining the dominant driver of FX direction. Market participants continue to monitor macroeconomic signals closely, while geopolitical tensions remain a secondary influence on currency performance.

Naspers Limited (NPN) +2.28%

Naspers provided an update on its ongoing open-ended share repurchase programme, confirming that between 29 December 2025 and 2 January 2026 the group acquired 190,342 Naspers N ordinary shares at an average price of ZAR1,115.6887 per share, totalling ZAR212.36 million (US$12.80 million). The programme, running alongside Prosus share buybacks, is designed to enhance capital efficiency and shareholder value. Naspers also reminded investors to claim any unpaid dividends as part of the broader market “Claim It” initiative aimed at improving shareholder engagement and facilitating the recovery of outstanding entitlements.

Prosus N.V. (PRX) +1.29%

Prosus announced an update on its open-ended share repurchase programme, conducted alongside Naspers, targeting free-float shareholders across both companies. Between 29 December 2025 and 2 January 2026, Prosus repurchased 774,742 ordinary shares at an average price of €53.4137 per share, representing a total cash outlay of €41.38 million (US$48.64 million). The programme, initially launched in June 2022, remains focused on disciplined capital allocation and delivering long-term shareholder value through ongoing buybacks, supported by the group’s strong liquidity position and strategic monetisation of portfolio holdings.

Anheuser-Busch InBev SA/NV (ANH) +0.50%

AB InBev announced that it has exercised its right to reacquire the 49.9% minority stake in its US-based metal container plants from an Apollo-led investor consortium for approximately US$3 billion. The seven-plant network forms a strategic part of AB InBev’s supply chain, supporting quality control, cost efficiency and innovation. The transaction will be funded from cash-on-hand and aligns with the group’s capital allocation framework. Management expects the deal to be EPS accretive within the first year, with completion anticipated in the first quarter of 2026, subject to customary approvals.

Hyundai Motor Company (005380) +1.15%

Hyundai Motor shares rallied as much as 14.9% to a record high on speculation of a deeper collaboration with Nvidia, while the company announced a major step into “physical AI” through the deployment of Boston Dynamics’ Atlas humanoid robots at its new U.S. plant from 2028. Hyundai plans to scale production to 30,000 units annually, with robots initially handling sequencing tasks before moving into component assembly by 2030. Management highlighted productivity, safety and labour-support benefits, positioning humanoid robotics as a core growth pillar alongside autonomous driving technologies.

Goldman Sachs Group Inc. (GS) +0.74%

Goldman Sachs retained its position as the world’s leading M&A adviser in 2025, supported by a surge in mega deals exceeding US$10 billion. The bank advised on 38 such transactions and US$1.48 trillion in total deal volume, securing the No. 1 ranking for both advisory revenue and transaction value, according to LSEG. M&A fees reached US$4.6 billion, well ahead of peers. Activity was driven by abundant capital, looser U.S. antitrust scrutiny and strong technology-sector consolidation, reinforcing Goldman’s dominant market share and leadership across global strategic advisory.

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