JSE higher as energy and financials carry results-heavy session

A cautious open gave way to a broad afternoon recovery as energy and financials carried the JSE higher, with a heavy results slate providing the day's main corporate news.

How the day unfolded

The session opened with a risk-off lean after US equities retreated overnight, but Brent near $98 and a weaker rand supported resources. By midday the JSE was choppy, with the All Share down 0.10% and breadth at 67 decliners against 51 advancers, as energy strength offset domestic weakness. Into the close the market reversed sharply: the All Share closed up 0.40% and the Top 40 up 0.39%, with breadth improving to 92 advancers against 57 decliners. Energy led all sectors at +3.81%, with Oil, Gas and Coal also up 3.81% and Chemicals up 3.69%, while Financials added 0.77% and Health Care rose 1.88%. The laggards were Personal Goods (-0.96%), Precious Metals & Mining (-0.84%) and Technology (-0.66%). The rand ended weaker at R15.99/USD, Brent held at $97.73, and copper's 2.75% gain lifted Mid Caps to a 0.78% close.

By the numbers

Breadth: 92 advances, 57 declines, 10 unchanged.

SPG Super Group HEPS up 36% to 334.6c, but dividend drops to 55c from R16.30

Super Group final results and dividend for the year ended 30 June 2026 showed revenue up 6.2% to R45.83bn and EBITDA up 15.5% to R4.16bn, with HEPS up 36% to 334.6c, inside the 328.7-346.7c guidance range set on 5 August. Operating profit rose 26.6% to R2.37bn and PBT rose 33.5% to R1.77bn. The final dividend of 55c per share replaces last year's R16.30 special dividend, a material step-down in cash returned to shareholders. The prior year's payout was a special dividend, not a recurring one, but income-focused holders will still notice the change. The share had fallen 18.1% ahead of the print, so the result arrives against a depressed price. The short-form announcement does not include operating cash flow or free cash generation figures; those await the full annual financial statements. The operating engine is clearly working, but the market still needs the full accounts to confirm cash conversion and the sustainability of the margin expansion.

OMU Old Mutual interim results: adjusted headline earnings fall 30%, dividend up 8%

Old Mutual's operating engine delivered: results from operations per share rose 11%, net underwriting margin held at 7.6% at the top of its 5–8% target range, and life APE sales grew 12% excluding large corporate risk deals. But adjusted headline earnings, the primary profit metric, fell 30% to R2.95bn on negative shareholder investment returns, and cash remittances from subsidiaries more than halved to R2.3bn from R4.8bn. The banking credit loss ratio rose 170 basis points to 6.6%. The interim dividend still rose 8% to 40c per share. Management expects the R4bn OMLACSA dividend to replenish at least R2bn of discretionary capital in H2.

LBR Libstar interim results: cash conversion collapses to 70%, EPS down 47.3%

Libstar's normalised EBITDA of R453.2m landed inside its lowered guidance range of R446.1m-R460.3m, but basic EPS fell 47.3% to 8.8c and basic HEPS fell 29.1% to 12.9c. Cash conversion collapsed from 107% to 70% while capex surged 73.6% to R145.3m. The share rose 5.88% as the bad news was largely anticipated after a 25.7% pre-print sell-off. The post-period disposal of the Phesantekraal property raised R65m, but the market still needs evidence that the Montagu integration and Cape Herb consolidation restore cash generation.

SSW Sibanye enters Section 189A consultations on loss-making Kwezi shaft

Sibanye Kwezi shaft restructuring has started formal Section 189A labour-restructuring consultations over Kwezi shaft, which lost R91m in 2025 and is forecast to return to losses in H2 2026 despite strong PGM prices. The Kwezi Shallows life-extension project was blocked by stakeholder objections and approval delays, leaving no alternative reserves. About 781 employees and 333 contractors could be affected. Kwezi produced less than 3% of SA PGM output in H1 2026, limiting the direct earnings impact, but the restructuring cost and labour-relations risk across the Rustenburg complex still need to be quantified.

PBT PBT's R154m B-BBEE restructuring pairs R50m injection with R103.8m buyback at premium

PBT Holdings is introducing a long-term B-BBEE investor via a R50m equity injection into PBT Innovation, paired with R103.8m in specific repurchases at R7.50 per share, an 8.7% premium to the 30-day VWAP. One counterparty is a director associate. A put option could dilute PBT shares by up to 42.7% if exercised, and the board estimates about 4% EPS dilution. Independent directors issued a fairness statement, but no independent expert report is disclosed; the transaction still requires shareholder approval.

SEB Sebata withdraws cautionary after asset disposal talks collapse

Sebata Holdings has terminated negotiations with a non-related third party over the disposal of certain assets, withdrawing the cautionary in place since 7 May 2026. The announcement gives no cause for the breakdown, no indication of which assets were involved, and no signal on whether talks could resume or other buyers are being sought. The share had run up into the announcement, making the removal of a transaction catalyst without a deal harder to absorb. The next disclosure will need to show whether the disposal strategy is dead or merely paused.

MHB Mahube receives non-binding takeover approach from CEO-linked consortium

Mahube Infrastructure has received a non-binding expression of interest from a consortium that includes its CEO, Gontse Moseneke, to acquire all shares the consortium does not already hold. No offer price, premium, or transaction timeline is disclosed. The CEO's dual role as fiduciary and bidder is not addressed with any disclosed independent board process. The next announcement must supply a price and an independent process before the market can size the deal.

WBO WBHO holds 320c final dividend on flat audited result

WBHO maintained its final dividend at 320c per share and delivered a broadly flat audited result, with continuing-operations HEPS up 0.2% to 2,283c. Revenue slipped 0.6% to R28.3bn and operating profit fell 3% to R1.37bn, while the order book stayed flat at R37.6bn. The auditors expressed an unmodified opinion, and group net asset value rose to R6.3bn from R5.6bn. The share had drifted down 7.6% into the print, so the maintained payout and clean audit read as reassurance rather than a fresh catalyst.

Movers explained

Transpaco's 9.76% jump, Canal+ SA's 7.03% gain and Combined Motor Holdings' 6.06% rise had no disclosed SENS catalyst, with Consumer Cyclical printing -0.01% and Communication Services up only 1.63%. Libstar's 5.88% advance was tied to Libstar interim results. ASP Isotopes' 4.75% gain followed its inaugural capital markets day and operational update. On the downside, Bytes Technology fell 3.99% after a TR-1 major-holdings notification, while Mpact, MC Mining, Sabvest Capital and PPC declined with no disclosed catalyst — MC Mining fell 3.88% even as Energy rose 3.81%, and PPC lost 2.95% against a rising Basic Materials backdrop.

Director dealings

Four PBT Holdings directors sold shares off market on 7 September, totalling R22.5m: Bianca Pieters and Elizna Read each R6.15m, Cheree Dyers R8.52m, and Pule Taukobong R1.69m. The sales were disclosed alongside the company's B-BBEE restructuring and specific repurchase announcement.

What we are watching

The next session brings eight last-day-to-trade events, including Gold Fields' R16.25 ex-dividend and DRD and GND ex-dividends, which may pressure gold miners and listed property. Balwin's scheme closes on 21 September, and Europa Metals' consolidation timetable runs from the 15 September JSE ex-date to ASX trading on 1 October. Naspers and Prosus repurchase updates continue in the background.