JSE shakes off risk-off as tech and financials lead; iOCO, Premier guide higher

A weak global open gave way to a late rotation into technology and financials, leaving the JSE higher even as a softer rand failed to lift resources.

How the day unfolded

Overnight risk-off conditions from a VIX spike and global equity sell-off set a cautious open, with the rand weakening 0.42% to R16.25 but failing to lift resources. By midday the All Share was down 0.14% and breadth was negative at 44 advancers against 86 decliners, with Financial 15 leading the downside. The tape reversed into the close as technology and financials surged: FTSE/JSE Technology rose 1.96%, Life Insurance gained 2.05%, and Industrials added 1.10%, lifting the All Share 0.43% and the Top 40 0.40%. Resource 20 fell 0.30% and Energy lost 0.44% even as Brent crude jumped 2.39% to $108.21, while Retailers slipped 0.48% and Consumer Discretionary 0.68%. Breadth improved sharply to 105 advancers against 55 decliners, and the VIX closed 3.98% higher at 17.78.

By the numbers

Breadth: 105 advances, 55 declines, 14 unchanged.

IOC iOCO guides full-year HEPS up 37.5–50% in bullish trading statement

iOCO guided full-year HEPS to 55–60c, a 37.5–50% improvement on FY25's 40c, with net profit after tax guided up 35–40% to R348–360m. This is the first full-year figure disclosed, following H1-only guidance of 27–30c. Adjusted EBITDA is guided to grow 19–24% to R610–636m from R513m, with management attributing the uplift to cost rationalisation, decentralisation and disciplined capital allocation. The guidance is unreviewed pending the audited results on 14 October, and no segmental or cash-flow detail was provided, so the market will test whether the earnings are cash-backed.

PMR Premier guides H1 HEPS up 22–32% on RFG integration

Premier expects H1-FY2027 HEPS of 683–739c, up 22–32% on the prior-year 560c, with revenue up 35–45% following the RFG acquisition completed on 30 March 2026. The per-share growth is flattered by a 27% increase in weighted-average shares issued for the RFG deal, and the filing does not break out segmental margins between Millbake and the new Culinary division. The fruit-processing Western Cape closure and a Competition Commission probe into retrenchments are flagged as risks, but management says they will not materially revise the guidance. The 10 November results will test cash conversion and FPWC loss containment.

ATT Attacq lifts dividend 17.2% after 15.5% DIPS growth

Attacq grew normalised distributable income per share 15.5% to 125.1c and lifted the full-year dividend 17.2% to 102.0c, with occupancy up to 94.9% and the cost of debt down to 8.7%. FY27 guidance of 6–9% DIPS growth is a sharp slowdown from this year's pace, and basic EPS fell 3.8% to 206.3c despite a 34.8% rise in HEPS, pointing to fair-value noise the market will want explained in the full accounts.

APF Accelerate Property Fund to sell Cedar Square Shopping Centre; shares fall 5.41%

Accelerate Property Fund agreed to sell Cedar Square Shopping Centre to Aristonas, with proceeds earmarked for debt reduction, but the purchase consideration was left blank in the SENS filing. The disposal carries a net operating income of R55.1m and 44,249m² of GLA, and Accelerate retains development rights on 40,447m² of bulk. The thin share fell 5.41% as the market could not judge whether the exit is value-accretive or distressed.

HAR Harmony reports second mine fatality in eight days at Mponeng

Harmony reported a loss-of-life incident at its Mponeng mine on 14 September following a seismic event, with work in the affected area suspended pending investigation. This is the second fatality in eight days after a separate incident at Moab Khotsong on 7 September. No production or financial impact was quantified, and the market still needs investigation findings and any DMPR enforcement outcome.

VOD Vodacom's 55% Safaricom stake legally contested after Kenyan court ruling

Vodacom confirmed a High Court of Kenya judgment against its Safaricom acquisition, which lifted its effective stake to 55% on 30 June 2026. The company will appeal and seek a stay. The filing gives no judgment text or remedies, so the unwind risk on the already-consolidated controlling stake cannot be sized. The appeal filing and any stay order will determine whether the 55% stake remains consolidated.

Movers explained

Copper 360 (CPR) rose 7.41% on a thinly traded basis, with no fundamental catalyst beyond thin-stock volatility. Italtile (ITE) added 7.35% and KAL Group gained 4.94% despite a falling consumer discretionary sector, while AfroCentric (ACT) rose 6.06% on a thin line and Old Mutual (OMU) climbed 5.09% — none had a disclosed SENS catalyst. On the downside, Accelerate Property Fund (APF) fell 5.41% after disclosing the Cedar Square disposal, and Lesaka Technologies (LSK) shed 6.34% against a rising technology sector in a move tied to a SENS filing within 48 hours. Deneb (DNB), ASP Isotopes (ISO) and EPE Capital (EPE) all declined with no disclosed catalyst.

What we are watching

We are watching the APF circular for the undisclosed Cedar Square consideration, Vodacom's appeal and stay application, and the 14 October iOCO and 10 November Premier results. Pepkor's bearish trading update and the rand's 0.42% weakening against domestic-facing retailers are also on the radar.