JSE slides as PGM rout drags Top 40; FirstRand and Lesaka beat

A risk-off session swept the JSE as a sharp PGM and copper selloff overwhelmed the rand's 1.03% weakening, leaving defensive sectors to carry the tape while the day's corporate results landed against a falling market.

How the day unfolded

Risk-off set the tone from the open as the VIX spiked and commodity prices softened, with European equities selling off and a defensive rotation offshore. By midday the JSE was under pressure, with 91 decliners overwhelming 33 advancers, and defensive names outperformed while a thinly traded industrial name led the downside.

The close confirmed and deepened that bias. The Top 40 fell 1.41% to 107,552 as a PGM and copper rout overwhelmed the rand's 1.03% weakening to 16.17. Basic Materials was the worst sector at -2.43%, while Energy added 0.81% on Brent's 4.11% surge and Consumer Staples rose 0.74%. Platinum fell 5.54%, palladium 5.14% and copper 5.14%, splitting the resources complex.

By the numbers

Breadth: 46 advances, 105 declines, 5 unchanged.

FSR FirstRand beats raised guidance with 10% normalised earnings growth and record 539c dividend

FirstRand's audited FY2026 results showed total normalised earnings up 10% to R48.4bn, beating the group's own raised guidance of a 4–9% contraction. Continuing-operations return on equity came in at 24.9%, well above the guided 'slightly below the bottom end' of the range.

The board declared a record ordinary dividend of 539 cents per share, up 16% from 466 cents, with dividend cover held at 1.6 times. A CET1 ratio of 13.9% sits above the 11.5–12.5% target range.

The beat is clouded by the R11.3bn UK motor commission provision and a R3.7bn Aldermore goodwill impairment, both excluded from normalised earnings. IFRS basic EPS fell 14% to 642.1 cents, diverging sharply from the normalised narrative.

The UK disposal remains incomplete, with full earnings and capital impact deferred to FY2027, leaving the exit crystallisation at the impaired carrying value as the open question.

LSK Lesaka swings to first GAAP profit since 2022 as Adjusted EPS jumps 210%

Lesaka Technologies reported FY2026 results with group Adjusted EPS up 210% to ZAR 6.51 and Adjusted EBITDA up 41% to ZAR 1.27bn, achieving full-year GAAP profitability for the first time since its 2022 creation.

The Consumer segment drove the inflection, with Adjusted EBITDA up 78% to ZAR 775m and overtaking Merchant as the largest contributor. Merchant, the largest segment by revenue, contracted 10% year-on-year with Q4 EBITDA down 33%.

FY2027 Adjusted EPS guidance of ZAR 7.50–8.50 implies continued growth, but it is bundled with the pending Bank Zero acquisition still subject to SARB approval.

The filing also discloses treasury-share presentation errors spanning June 2006 to June 2026, assessed as immaterial under management's own SAB 99/108 review rather than an independent restatement.

MST Mustek guides FY26 HEPS to nearly triple, shares jump 5.95%

Mustek's trading statement guided FY26 headline earnings per share to 200.83–208.05 cents, nearly triple the prior year's 72.73 cents, with net asset value per share guided to 3,000–3,060 cents from 2,869.71 cents. The share rose 5.95% to R15.50.

The improvement is driven mainly by lower finance costs and a favourable foreign-exchange swing rather than core trading, and the filing gives no cash-flow or dividend detail. The audited results will show whether the jump is cash-backed and durable.

PAN Pan African guides HEPS up 195–205% on gold price and volume surge

Pan African Resources guided FY26 headline earnings per share to US 17.35–17.94 cents, up 195–205%, driven by a 54.8% rise in the average gold price received to US$4,235/oz and a 38.3% jump in gold sold to 272,373oz. The share fell 6.13% with the sector.

FY27 production is guided higher at 280,000–302,000oz, largely from Tennant Mines. Full results on 16 September will show whether the cost base and cash flow back the earnings surge.

CPI Capitec guides H1 HEPS up 18–20% to 8,215–8,354 cents

Capitec's trading statement guided first-half headline earnings per share to 8,215–8,354 cents, implying 18–20% growth, with EPS guided to a matching 8,174–8,312 cents. Personal Banking active clients surpassed 26 million and operating expenses remained well controlled.

The credit impairment charge grew across both Personal and Business Banking, but the quantum was not disclosed. The 30 September results will show whether the impairment build is contained and cash generation backs the earnings.

NRL Newpark offers shareholders a cash exit at R5.78 per share, a 23% premium

Newpark REIT signed an implementation agreement for a scheme of arrangement allowing shareholders to sell all or part of their holdings back at R5.78 per share, a 23% premium to spot and a 4.3% discount to the February 2026 SA REIT NAV. Ellerine Shareholders, holding about 65.2% of issued shares, have given an irrevocable undertaking to vote in favour.

The repurchase is funded by a RenLia subscription and up to R175m of new debt, lifting gearing from 40.6% to as high as 59.2%, while RenLia's effective stake rises from 31.29% to 71.92%. Newpark intends to retain its JSE listing and REIT status, but the scheme circular and minority protections are still to be published.

OUT OUTsurance normalised earnings up 18.5%, dividends up 22.7%

OUTsurance reported normalised earnings of R5,605 million, up 18.5%, and declared a full-year ordinary dividend of 291.5 cents per share, up 22.7%, plus a special dividend of 87.5 cents at an 80.5% payout ratio.

The result landed inside the range guided on 27 August, so it confirms rather than re-prices the trajectory. The Irish loss widened 15.9% to R466 million and the natural perils claims ratio rose from 7.5% to 9.1%, with the P&C claims ratio deteriorating to 54.9% on Youi weather losses.

SLM Sanlam HEPS of 396c meets guided range but core earnings grow only 1%

Sanlam's unaudited interim results showed headline earnings per share of 396 cents, down 15% year-on-year but within the 372–418 cent range guided on 26 August. New business volumes grew 22% to R224bn and net client cash flows rose 42% to R78bn.

Comparable core earnings grew only 1% as weather-related catastrophe claims and weaker general insurance underwriting offset the volume momentum. The dividend outlook is unchanged, and annualised adjusted RoGEV per share of 15.5% sat well above the 6.1% hurdle rate.

Movers explained

Mustek rose 5.95% after its trading statement guided FY26 HEPS to nearly triple, and Novus Holdings added 3.27% on a SENS release. Kore Potash and Orion Minerals advanced 5.33% and 3.57% on thin, lightly traded volume with no disclosed catalyst, while iOCO gained 3.59% on Technology sector momentum.

On the downside, ASP Isotopes fell 7.30%, Pan African Resources 6.13% and Anglo American 5.71% in line with Basic Materials weakness, with Pan African's positive trading statement unable to offset the sector selloff. Wilson Bayly Holmes-Ovcon dropped 5.50% with no disclosed catalyst in a thinly traded name, and PBT Holdings fell 5.48% after director dealing activity was flagged.

What we are watching

The next concrete dates are Pan African's full results on 16 September and Capitec's results on 30 September, with Newpark's scheme circular still to come and South32's 15 October AGM vote on the aluminium disposal. Dividend payments on 14 September include GFI at R16.25, DRD, ADH, ART and GCT.