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South Africa
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Full ETF Guide for South Africans available now in PDF format to download, print, or share. Find it in the telegram below - more to come
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TODAY'S MARKET BRIEF
JSE 🇿🇦
JSE All Share: +3.17%
JSE Top 40: +3.48%
Industrial 25: +3.15%
Financial 15: +3.46%
Resource 10: +1.12%
Mid Cap: +1.15%
Small Caps: -0.32%
USDZAR: R16.53
Biggest Winners (Large Caps):
- Anglogold Ashanti +4.95%
- Gold Fields +3.91%
- Mr Price Group +2.19%
- Harmony Gold +1.38%
- Pan African Resources +1.24%
Biggest Losers (Large Caps):
- Clicks Group -4.14%
- British American Tobacco -3.55%
- Prosus -3.24%
- Sasol -2.82%
- Impala Platinum -2.78%
USA 🇺🇸
Dow Jones +0.03%
S&P500 +0.85%
Nasdaq +1.57%
(Note markets are still open)
Rest of the world
Dax 🇩🇪 -2.07%
CAC 40 🇫🇷 -0.91%
AEX 🇳🇱 -1.03%
Euro Stoxx 50 🇪🇺 -1.13%
Nikkei 225 🇯🇵 -5.96%
Hang Seng 🇭🇰 +2.35%
KOSPI 🇰🇷 -6.02%
Commodities
Gold -1.22%
Silver -0.85%
Platinum +1.53%
Palladium -2.94%
Copper -0.06%
Brent Crude -1.22%
Crude Oil WTI -0.28%
Natural Gas -0.31%
Crypto
Bitcoin -0.41%
Ethereum -0.31%
XRP -1.45%
BNB +1.01%
Purple Group Trading statement for the year ended 31 August 2026
🔹 BEPS for the year ended 31 August 2026 are expected to be between 5.37 cents and 5.80 cents, an increase of between 24.9% and 34.9% from 4.30 cents reported for the prior comparative period
🔹 HEPS expected to be between 5.26 cents and 5.69 cents, an increase of between 22.3% and 32.3% from 4.30 cents
🔹 Audited results for the year ended 31 August 2026 are expected to be published on SENS on or about 11 November 2026
JSE Midday Brief 🇿🇦
JSE All Share: +3.09%
JSE Top 40: +3.38%
Industrial 25: +3.20%
Financial 15: +3.50%
Resource 10: +0.74%
Mid Cap: +1.01%
Small Caps: -0.06%
Biggest Winners (Large Caps):
- Gold Fields +4.07%
- Anglogold Ashanti +4.03%
- Pan African Resources +2.44%
- Harmony Gold +1.36%
- Pepkor +1.29%
Biggest Losers (Large Caps):
- British American Tobacco -3.46%
- Shoprite -3.34%
- Sasol -3.21%
- Prosus -3.15%
- Richemont -2.82%
USDZAR: R16.52
Gold -0.89%
Silver -0.64%
Platinum -0.09%
Palladium -2.08%
Copper -0.19%
Brent Crude -0.74%
Crude Oil WTI -0.52%
StockWave retweeted
Shoprite Operational update for the four months ended October 2026
🔹 Group sales from continuing operations increased by 6.4% for the four months ended October 2026 over the corresponding four months ended October 2025
🔹 Supermarkets RSA sales increased by 7.1% for the four months ended October 2026
🔹 Supermarkets Non-RSA sales increased by 7.0% in rand and by 4.3% in constant currency for the four months ended October 2026
🔹 Other operating segments sales declined by 1.5% for the four months, following the closure of 51 stores after the mutual termination of a franchise agreement during the second half of the 2026 financial year
🔹 Internal selling price inflation in Supermarkets RSA was 0.7% for the four-month period, in line with the 0.6% previously reported for July 2026
🔹 The company attributes Supermarkets RSA's continued positive mix effect to leading sales growth at Checkers and Checkers Hyper, supported by Sixty60, with internal selling price inflation remaining low and the Shoprite brand experiencing overall deflation
🔹 Sixty60 sales increased by 33.4% for the four months ended October 2026
🔹 The Group opened a net 71 stores during the period, of which a net 61 were in Supermarkets RSA
🔹 Sales from the pharmacy business (Medirite, Medirite Plus and Transpharm) increased by 17.6% for the four months, with Transpharm sales up 21.3%
🔹 For July to September 2026, Supermarkets RSA sales growth exceeded that of the Rest-of-Market by 5.3 percentage points, as measured by NielsenIQ
🔹 The sale of the South African Furniture division remains subject to approval by the Competition Tribunal
Foschini Group Summary of the unaudited interim condensed consolidated results for the half-year ended 30 September 2026
🔹 Group revenue increased by 0.1% to R31.4 billion
🔹 Group operating profit decreased by 6.5% to R2.1 billion
🔹 Headline earnings per share (HEPS) decreased by 6.8% to 272.8 cents
🔹 Basic earnings per share (EPS) decreased by 9.8% to 262.4 cents
🔹 The company attributes the limited decline in operating profit to trading expenses being held flat on the prior period through stringent cost control, despite inflationary pressures
🔹 TFG Africa operating profit increased by 2.7%, while TFG London and TFG Australia operating profit declined by 32.5% and 28.5% respectively, in ZAR
🔹 TFG Africa online sales grew by 53.3% and contributed 10.9% of TFG Africa sales (H1 FY2026: 7.4%)
🔹 Interim dividend of 121.0 cents per share declared, a decrease of 6.9% from 130.0 cents per share for the prior-year period
🔹 The company expects consumer confidence and spending to remain constrained, and plans a further 60 to 80 store closures in the second half
🔹 Pre-IFRS 16 net debt was R9.1 billion at the period end, R0.9 billion lower than at H1 FY2026
JSE Morning Brief 🇿🇦
JSE All Share: -1.24%
JSE Top 40: -1.30%
Industrial 25: -1.71%
Financial 15: -1.47%
Resource 10: -0.55%
Mid Cap: -1.18%
Small Caps: -0.81%
Biggest Winners (Large Caps):
- Anglogold Ashanti +1.60%
- Harmony Gold +1.03%
- Gold Fields +0.98%
- Mr Price Group +0.35%
- Reinet -0.23%
Biggest Losers (Large Caps):
- Shoprite -3.94%
- Anglo American -3.07%
- Northam Platinum -2.65%
- Valterra Platinum -2.64%
- Prosus -2.59%
USDZAR: R16.52
Gold -1.41%
Silver -1.66%
Platinum -0.37%
Palladium -2.17%
Copper -0.75%
Brent Crude +1.47%
Crude Oil WTI +1.16%
Sappi Results for the fourth quarter and year ended September 2026 and changes to board committees
🔹 Revenue decreased by 3% to US$5 277 million from US$5 420 million for the year ended September 2026
🔹 Adjusted EBITDA decreased by 41% to US$294 million from US$501 million for the year ended September 2026
🔹 EBITDA excluding special items decreased by 95% to US$25 million from US$479 million for the year ended September 2026
🔹 Pulp segment sales volumes decreased by 3% and DWP sales volumes by 4% compared with the prior year, reflecting very low inventory levels entering FY2026 and approximately 38 000 tons of DWP sales delayed from the fourth quarter into the first quarter of FY2027 due to congestion at the port of Durban
🔹 Packaging and speciality papers sales volumes increased by 9%, driven primarily by higher paperboard volumes from Somerset Mill, while graphic papers sales volumes declined by 7%
🔹 A stronger ZAR against the US Dollar reduced profitability in the South African region, and higher fuel, logistics and chemical costs as a result of the Middle East conflict added further pressure
🔹 The forestry fair value price adjustment for the year was a loss of US$269 million, largely attributable to adverse currency movements on ZAR-denominated hardwood timber prices and persistent fuel cost inflation
🔹 Special items reduced earnings by US$405 million for the year, comprising primarily impairments of US$319 million and US$26 million of costs associated with strategic projects, and the group recorded a net loss of US$747 million
🔹 Net asset value per share was 280 US cents, down 27% from 382 US cents
🔹 Net debt was US$2 050 million, up 7% from US$1 920 million
Shoprite Operational update for the four months ended October 2026
🔹 Group sales from continuing operations increased by 6.4% for the four months ended October 2026 over the corresponding four months ended October 2025
🔹 Supermarkets RSA sales increased by 7.1% for the four months ended October 2026
🔹 Supermarkets Non-RSA sales increased by 7.0% in rand and by 4.3% in constant currency for the four months ended October 2026
🔹 Other operating segments sales declined by 1.5% for the four months, following the closure of 51 stores after the mutual termination of a franchise agreement during the second half of the 2026 financial year
🔹 Internal selling price inflation in Supermarkets RSA was 0.7% for the four-month period, in line with the 0.6% previously reported for July 2026
🔹 The company attributes Supermarkets RSA's continued positive mix effect to leading sales growth at Checkers and Checkers Hyper, supported by Sixty60, with internal selling price inflation remaining low and the Shoprite brand experiencing overall deflation
🔹 Sixty60 sales increased by 33.4% for the four months ended October 2026
🔹 The Group opened a net 71 stores during the period, of which a net 61 were in Supermarkets RSA
🔹 Sales from the pharmacy business (Medirite, Medirite Plus and Transpharm) increased by 17.6% for the four months, with Transpharm sales up 21.3%
🔹 For July to September 2026, Supermarkets RSA sales growth exceeded that of the Rest-of-Market by 5.3 percentage points, as measured by NielsenIQ
🔹 The sale of the South African Furniture division remains subject to approval by the Competition Tribunal
TODAY'S MARKET BRIEF
JSE 🇿🇦
JSE All Share: +3.67%
JSE Top 40: +3.99%
Industrial 25: +4.92%
Financial 15: +4.08%
Resource 10: +2.78%
Mid Cap: +1.90%
Small Caps: +1.41%
USDZAR: R16.49
Biggest Winners (Large Caps):
- Naspers +10.36%
- Prosus +8.04%
- Pepkor +6.65%
- Harmony Gold +6.35%
- Mr Price Group +6.31%
Biggest Losers (Large Caps):
- Sasol -4.27%
- Reinet -2.44%
- Glencore -1.99%
- Anglo American -0.62%
- NEPI Rockcastle -0.05%
USA 🇺🇸
Dow Jones -2.46%
S&P500 -3.50%
Nasdaq -5.21%
(Note markets are still open)
Rest of the world
Dax 🇩🇪 -0.50%
CAC 40 🇫🇷 +0.28%
AEX 🇳🇱 -0.87%
Euro Stoxx 50 🇪🇺 -0.80%
Nikkei 225 🇯🇵 -1.79%
Hang Seng 🇭🇰 +5.40%
KOSPI 🇰🇷 -5.28%
Commodities
Gold +0.44%
Silver -1.05%
Platinum +0.96%
Palladium +3.19%
Copper -2.32%
Brent Crude +2.24%
Crude Oil WTI +2.32%
Natural Gas +0.57%
Crypto
Bitcoin -5.84%
Ethereum -7.35%
XRP -4.88%
BNB -4.56%
JSE Midday Brief 🇿🇦
JSE All Share: +4.69%
JSE Top 40: +5.12%
Industrial 25: +4.14%
Financial 15: +4.33%
Resource 10: +6.87%
Mid Cap: +2.00%
Small Caps: +1.72%
Biggest Winners (Large Caps):
- Anglogold Ashanti +10.98%
- Naspers +9.85%
- Gold Fields +9.36%
- Harmony Gold +9.11%
- Sibanye-Stillwater +8.67%
Biggest Losers (Large Caps):
- Sasol -6.32%
- Glencore -1.45%
- Reinet -0.90%
- Bid Corporation -0.53%
- NEPI Rockcastle +0.74%
USDZAR: R16.39
Gold +1.50%
Silver +0.87%
Platinum +1.46%
Palladium +2.09%
Copper -0.47%
Brent Crude +1.70%
Crude Oil WTI +0.56%
Truworths Business update
🔹 Group retail sales decreased by 4.3% to R6.5 billion for the first 17 weeks (29 June 2026 to 25 October 2026) of the 2027 financial period, compared with the first 17 weeks of the 2026 financial period
🔹 Truworths Africa retail sales decreased by 2.7% to R4.1 billion, and Office UK retail sales increased by 0.3% to £106.8 million
🔹 The company states that consumer spending remained under pressure in both South Africa and the United Kingdom
🔹 Office UK retail sales decreased by 6.9% to R2.3 billion in Rand terms, which the company attributes to a stronger average Rand/Pound exchange rate of R21.92 (prior period: R23.63)
🔹 Group account sales were broadly unchanged and represented 46% of Group retail sales (prior period: 44%), while Group cash sales decreased by 7.5%
🔹 Truworths Africa online sales increased by 16.9% and contributed 10% of the segment's retail sales (prior period: 8%)
🔹 At the end of FY27-Q1 (quarter ended 27 September 2026), Truworths Africa gross active trade receivables had grown by 2.2% to R6.2 billion (FY26-Q1: R6.1 billion), with overdue balances unchanged at 16% of gross trade receivables
🔹 The business update has neither been reviewed nor reported on by external auditors, and the company states that the interim results for the 26 weeks ending 27 December 2026 are scheduled to be released on or about Thursday, 25 February 2027
Sibanye-Stillwater Operating Update Quarter Ended 30 September 2026
🔹 Group adjusted EBITDA increased 9% year-on-year to R10.8 billion (US$662 million)
🔹 SA PGM 4E production was 439,802 oz, compared with 406,406 oz in Q2 2026 and 493,863 oz in Q3 2025
🔹 Adjusted EBITDA increase supported by higher commodity prices
🔹 US PGM underground 2E PGM production was 59,417 oz, compared with 69,544 oz in Q2 2026 and 73,171 oz in Q3 2025
🔹 US PGM operations were negatively impacted by industrial action
🔹 Group remains on track to meet annual operating guidance with the exception of the US PGM operations following the strike
🔹 Finalisation of the US PGM labour agreement and introduction of team-based incentives at the US PGM operations
🔹 Ordinary shares listed on A2X with effect from 6 October 2026, with the JSE primary listing and NYSE secondary listing unaffected
Gold Fields Operational Update for the Quarter Ended 30 September 2026
🔹 Attributable gold-equivalent production decreased by 3% year-on-year to 605koz in Q3 2026, from 621koz in Q3 2025
🔹 All-in sustaining cost (AISC) increased by 26% year-on-year to US$1,965/oz, from US$1,557/oz in Q3 2025
🔹 Company attributes the year-on-year AISC increase primarily to external factors, including higher gold price linked royalties, stronger producer country currencies and higher input costs, together with lower year-on-year gold sales in the quarter
🔹 Company attributes the quarter-on-quarter increase in all-in cost (AIC) to US$2,266/oz from US$2,204/oz in Q2 2026 to lower gold sold and higher spend at Windfall, which contributed US$144/oz compared with US$118/oz in Q2 2026, partially offset by lower capital expenditure at the mining operations
🔹 Lower quarterly production was attributed to planned lower production at Salares Norte and lower grades at Agnew, partially offset by consistent delivery at St Ives and South Deep and improved production at Tarkwa and Gruyere
🔹 Group expects to remain on track for the upper end of full-year production guidance, with a stronger fourth quarter expected from higher planned grades at St Ives and further improved performance at Gruyere, Tarkwa and Salares Norte
🔹 Windfall received its Certificate of Authorisation on 30 October 2026, authorising construction and full project development, subject to applicable conditions and permits
🔹 Windfall Mineral Resources and Mineral Reserves, planned construction and ramp-up schedule and capital estimate are expected to be published by February 2027 alongside the 2026 reviewed results
🔹 Net debt increased to US$981 million at 30 September 2026, from US$437 million at 30 June 2026, or US$410 million excluding lease liabilities
🔹 Share buy-backs under the Additional Shareholder Returns Programme totalled US$854 million as at 3 November 2026, bringing total shareholder returns under the programme to US$1.11 billion of the US$1.25 billion allocated
JSE Morning Brief 🇿🇦
JSE All Share: +4.16%
JSE Top 40: +4.64%
Industrial 25: +3.78%
Financial 15: +3.04%
Resource 10: +7.01%
Mid Cap: +1.08%
Small Caps: +0.96%
Biggest Winners (Large Caps):
- Anglogold Ashanti +11.96%
- Harmony Gold +9.96%
- Naspers +9.72%
- Gold Fields +9.53%
- Sibanye-Stillwater +9.05%
Biggest Losers (Large Caps):
- Sasol -10.33%
- Bid Corporation -0.97%
- Reinet -0.85%
- British American Tobacco -0.50%
- Glencore +0.00%
USDZAR: R16.36
Gold +1.42%
Silver +0.54%
Platinum +1.25%
Palladium +2.04%
Copper -0.89%
Brent Crude +0.55%
Crude Oil WTI -0.19%
Nedbank completes acquisition of 66% stake in NCBA
Nedbank’s offer for approximately 66% of NCBA became unconditional, with final results announced on 5 November 2026.
Acceptances: 79.88% of NCBA shares (1.316 billion) were tendered, comprising 55.87% pro rata acceptances and 24.01% excess applications, which were scaled back.
Cash consideration: KES 23.23 billion (approximately R2.93 billion).
Share consideration: 43.63 million new Nedbank shares issued, taking total shares in issue to 520.90 million.
Listing: NCBA will retain its listing on the Nairobi Securities Exchange.