JSE Friday: MTN tumbles 10.8% on sparse Nigeria results; AngloGold doubles dividend

South Africa's All Share Index closed 0.34% lower on Friday, dragged down primarily by MTN's steep 10.85% slide — the single biggest negative contributor to the session. The Telecommunications Service Providers index shed more than 8.5%, reflecting investor concern over MTN Nigeria results released for H1 2026 and a separate disclosure of High Court proceedings against MTN Ghana. AngloGold Ashanti stood out as a bright spot, rising as it declared its H1 dividend would nearly double to 188 cps following a 46% jump in second-quarter EBITDA.

MTN Nigeria results filing lands with no figures; Ghana legal proceedings disclosed

MTN Group shed more than a tenth of its market capitalisation on Friday after releasing MTN Nigeria's first-half 2026 results via SENS — but the JSE filing contained no revenue, EBITDA, subscriber or currency-translation figures whatsoever. Instead, investors were directed to the Nigerian Stock Exchange for the actual numbers. The absence of any anchor in the SENS notice itself left South African holders without the basic data needed to re-price the counter on the JSE. Separately, MTN confirmed that its Ghana subsidiary Scancom PLC has become subject to High Court legal proceedings initiated by Clydestone Ghana PLC, with no provision raised at group, Ghana or MobileMoney Fintech level. The dual filings — one pointing investors elsewhere for financial data, the other confirming a live dispute without disclosing quantum or legal basis — created a vacuum of disclosure at a moment when the market had expected operational clarity. The MTN Ghana response to Clydestone legal proceedings filing contained no further detail on the nature or quantum of the claim.

ANG AngloGold doubles H1 dividend to 188 cps on 46% EBITDA jump

AngloGold doubles H1 dividend to 188 cps: second-quarter EBITDA of $2.0 billion, up 46% year on year, as the realised gold price climbed 35% to $4,446 per ounce. Free cash flow for the quarter came in at $727 million, lifting first-half FCF to $1.9 billion — more than double the prior-year equivalent — and the balance sheet swung from net debt of $991 million to net cash of $991 million. The board declared a 72-cent-per-share interim dividend, taking total H1 distributions to 188 cps from 92.5 cps a year ago. Separately, shareholders had already approved a $2.0 billion share buyback programme at an extraordinary general meeting on 23 July 2026. For South African investors, the step-change in dividend policy — combined with the already-sanctioned buyback — signals a structural shift in capital return that the market had not fully positioned for heading into the print.

CPR Copper 360 widens FY26 headline loss restatement by 40.6%

Copper 360 has restated its forecast headline loss per share for the financial year ended March 2026 to 27.36 cents, approximately 40.6% wider than the 19.46 cents it published on 1 June 2026. The Copper 360 trading statement restatement attributes the widening entirely to a non-cash IFRIC 19 remeasurement of R112.8 million arising from shares issued to creditors during the recapitalisation — a charge that management states does not affect cash resources or underlying operations, and which is equity-neutral with a corresponding increase in stated capital. Both basic and diluted loss per share also widened by 39.6%, breaching the JSE's 20% disclosure threshold. The audit is at an advanced but incomplete stage, with final audited annual financial statements expected on or about 14 August 2026. The restatement — on figures that were only reviewed rather than audited — raises questions about the reliability of any near-term earnings guidance ahead of the audited print.

OAO Oando Q1 profit collapses 67% despite 6% revenue rise

Oando reported first-quarter 2026 revenue of N989.5 billion, up 6.1% year on year, but profit attributable to owners plunged approximately 67% to N37.5 billion from N113.1 billion in the comparable period of 2025. Both basic and headline earnings per share printed at zero cents against one cent in Q1 2025 — a near-complete erosion of per-share earnings despite top-line growth. The SENS announcement offered no segment breakdown, cost explanation or balance-sheet disclosure, leaving the cause of the margin collapse entirely unexplained. The share had already rallied 44.4% over the prior 20 trading days heading into the announcement, meaning the market had been pricing a strengthening narrative rather than the deterioration that materialised. Separately, Oando also released second-quarter figures showing a return to profit after a year-ago loss, though both quarters' figures are unaudited.

HLM Hulamin headline profit masks normalised earnings drop of 58-65%

Hulamin half-year business review: headline earnings per share of 75-77 cents for the first half of 2026, swinging from an 8-cent loss in the comparable period, with basic EPS recovering from negative 8 cents to 75-77 cents. The headline recovery looks dramatic, but the more honest signal for underlying business performance sits inside the numbers: normalised HEPS for continuing operations — stripping out metal price lag and non-trading items — collapsed to 9-11 cents from 26 cents, a fall of 58-65%. Hulamin attributed the decline to a stronger rand against the US dollar and lower volumes, partially offset by cost savings. The gap between the headline figure and the normalised figure underscores how much of the reported profit recovery is driven by non-recurring items rather than a genuine restoration of earnings power. The share had risen 7.8% in the 20 days prior to the announcement, meaning the market had already begun pricing a recovery narrative — the headline largely confirmed rather than surprised.

PMV Primeserv lifts final dividend 72% as audited HEPS climbs 12%

Primeserv audited FY2026 results and dividend: revenue up 2% to approximately R1.1 billion, operating profit rising 11% and headline earnings per share advancing 12% to 47.07 cents — matching basic EPS exactly, which signals clean earnings with no one-off distortions. The board declared a final gross dividend of 21.50 cents per share, a 72% increase from the prior year's 12.50 cents. The audit opinion from PKF Octagon was unqualified, and net asset value per share grew 11% to 326 cents. The share had been essentially flat over the prior 20 days, sitting in the lower third of its 52-week range, so the combination of a dividend hike and an unqualified audit landed as fresh information rather than confirmation of an already-anticipated narrative.

SEB Sebata renews cautionary for third time in 85 days as asset talks continue

Sebata Holdings renewed its cautionary announcement for the third consecutive time, extending the silence around asset-disposal negotiations that have now been in progress for 85 days without resolution or fresh disclosure. No new transaction terms, counterparty details or timeline were provided in the filing — it restates the same position as the prior two renewals. The share had rallied roughly 50% over the prior 20 trading days, reflecting market speculation around the anticipated deal. A cautionary renewal with no new information is process, not event — three consecutive renewals without fresh detail suggests a live negotiation rather than a collapsed process, but it also raises execution-risk questions about management's ability to conclude within a predictable timeframe. Investors cannot yet assess whether the anticipated disposal will be material enough to change the investment case, or whether the process is quietly stalling.

What we are watching

Copper 360 audited annual results are due on or about 14 August and will either confirm or challenge the non-cash restatement framing. MTN's upcoming Ghanaian subsidiary results release and any High Court outcome in the Clydestone dispute will be the next touchpoints for the MTN re-rating. Altron's pre-close investor call is scheduled for 31 August and several AGMs — including Vukile, Araxi, Emira and Spear REIT — are due in early September.