JSE Thursday Round-Up: Wesizwe Resumes, Foschini Spends R112m

The JSE ended Thursday on a broadly positive note, with the All Share closing 0.60% higher as financial stocks led gains — the Financial 15 rose 0.85% and the Financials index added 0.83%, while construction and materials surged 2.89%. Telecommunications was the standout sector mover, climbing 3.91%, as MTN extended a recovery rally gaining 4.44%. On the downside, Bytes Technology slipped 3.84% following a routine JPMorgan TR-1 disclosure, and Thungela fell 5.12% amid weaker coal price sentiment.

WEZ Wesizwe Platinum trading suspension lifted

The JSE has lifted the trading suspension on Wesizwe Platinum's securities with immediate effect, allowing shareholders who have been unable to trade since June 2025 to finally exit or adjust their positions. The regulator acted after the company published its Wesizwe Platinum lifting of suspension, clearing a major regulatory overhang that had trapped capital for over a year. The restoration of market access is a significant positive for those who have been locked into the stock through the suspension period. However, the initial price action is expected to be highly volatile as the market discovers a new clearing price after a year of no trading, and investors should carefully review the financial statements that resolved the suspension before committing fresh capital, given the underlying reporting-stability concerns that caused the breach in the first place.

TMT Trematon books R172m education disposal

Trematon Capital Investments has published a Trematon Capital disposal announcement to dispose of its Generation Education Group to EduFund for a maximum cash consideration of R172 million, representing over half the company's current market capitalisation, with 71% of irrevocable shareholder support already secured ahead of the required 75% special resolution threshold. The board has stated explicitly that the strategy is to convert this asset into cash and return the net proceeds to shareholders, offering a clear capital allocation outcome that makes this a highly material liquidity event. The transaction is not guaranteed on day one, however, as the final proceeds are subject to a R4 million rental dispute indemnity, up to R6 million in occupancy-linked holdbacks, and a R2 million VAT deregistration escrow, while the independent expert fair and reasonable opinion from Valeo Capital has not yet been issued. Securing 71% irrevocable support heavily de-risks this transformative disposal and offers a clear path to significant capital returns for Trematon shareholders.

MDI Master Drilling declares 40-cent special dividend

Master Drilling Group has declared a Master Drilling special dividend declaration of 40 cents per share for FY2025, fulfilling a previously deferred capital distribution commitment and signalling management confidence in the company's liquidity and operational resilience in the face of global volatility. The distribution fulfils a capital allocation commitment following the initial deferral of the FY2025 dividend due to geopolitical uncertainty, and the payment confirms that ongoing operations and key projects have not been materially impacted by global volatility. The 40-cent special dividend is subject to Exchange Control approval and the shares will trade ex-dividend on a date yet to be announced, so shareholders holding through the record date should monitor SENS for the precise timing of the payment and the ex-dividend adjustment to the share price.

TFG Foschini insiders and share scheme spend R112m on market

Associates of two non-executive directors and the company's share incentive scheme executed combined on-market purchases of nearly 2 million shares totalling over R112 million, with the bulk of the accumulation linked to director M Lewis at over R81 million across three transactions through offshore investment vehicles. The Foschini Group director dealings show the Forfeitable Share Plan 2020 also acquired 510,000 shares on the open market for approximately R29.9 million, satisfying employee incentive obligations without diluting existing shareholders. The exceptional scale of the discretionary insider buying signals strong internal conviction that the current price levels are deeply attractive, offering a compelling fundamental backstop for existing shareholders despite the stock's recent technical weakness.

AFH Alexander Forbes posts 10% operating income growth, raises dividend 4%

Alexander Forbes delivered audited full-year results with operating income from continuing operations up 10% to R4.8 billion, normalised profit expanding 22% to R1.027 billion, and operating cash flow rising 20% to R1.472 billion, supporting a 4% dividend increase to 57 cents per share. Strong cash generation and asset growth to R733 billion validate the group's operational stability, with a robust 2.2 times capital cover ratio underpinning the increased payout. The stock is down 1.28% on the day as the market focuses on the optical 5% decline in total headline earnings per share caused by the base effect of prior-year discontinued operations, though the underlying operating momentum across continuing operations remains solid. The resilient cash conversion and asset growth confirm the operational thesis, and the increased dividend provides a solid income anchor for long-term holders.

MCZ MC Mining secures US$9.94m convertible note for Makhado

MC Mining has entered into an unsecured convertible promissory note agreement worth US$9.94 million with major shareholders Kinetic Development Group and Eagle Canyon to fund the construction and commissioning of the flagship Makhado hard coking coal project, removing immediate liquidity concerns for the company's most important asset. The funding introduces dilution risk, however, as shareholders must approve conversion of the debt into equity at US$0.2089 per share, with over 25% of voting shares already committed in favour of the conversion. The notes carry a floating interest rate and a 12-month maturity, creating near-term refinancing or conversion pressure if the Makhado project faces further commissioning delays, and the transaction was overseen by an Independent Board Committee to ensure governance integrity for minority shareholders. The thesis remains speculative until the Makhado project reaches self-funding commercial production, though the current funding removes the most acute near-term liquidity threat.

BEL Bell Equipment announces CEO succession

Bell Equipment announced that CEO Ashley Bell will step down effective 31 August 2026 to be succeeded by Izak van Niekerk, who has worked at the company for over 13 years in various divisions, with Bell transitioning to a non-executive director role to retain institutional knowledge on the board. The orderly succession mitigates disruption risk, and management highlighted that despite challenging markets the company has improved its balance sheet through inventory optimisation and cash preservation initiatives. Management acknowledged that the industry and business have faced persistent headwinds and declining markets over the last two and a half years as a structural backdrop to the leadership change, and the board has reconstituted its committees with Harish Ramsumer appointed as Audit Committee Chair and Rajendran Naidu as Remuneration Committee Chair following a scheduled director retirement. The succession is well-structured and retains institutional knowledge, making it a neutral governance event rather than a signal of acute operational distress.

NVS Novus Holdings flags 19–29% EPS decline on base effects

Novus Holdings expects EPS to fall between 19.1% and 29.1% for the year ended 31 March 2026, driven by the non-recurrence of R67.4 million in prior-year gains including a R16.3 million bargain purchase gain and a R51.1 million associate gain, while underlying HEPS remains relatively stable even after absorbing a R19.9 million related-party loan impairment. The headline EPS drop is an optical base-effect distortion rather than operational deterioration, and the relatively flat HEPS — even after absorbing the loan impairment — suggests the underlying operating momentum is largely intact. These are preliminary and unaudited figures ahead of the final results publication, introducing variance risk, and the headline decline may attract attention from investors focused on reported earnings without adjusting for the non-recurring prior-year items. The resilient HEPS confirms underlying profitability is largely intact, limiting downside surprise risk for existing shareholders at current valuations.

What we are watching

Investors should watch for enX Group's R1.92 per share special distribution moving to its ex-dividend date on 24 June with payment on 29 June, Pan African Resources shareholders voting on the Emmerson Resources acquisition on 15 June, and continued price discovery in Wesizwe Platinum as trading resumes following the year-long suspension.