JSE closes higher as tech rally fades and Harmony prices US$500m bond

A tech-led rally on the JSE faded into the close, leaving the session defined by Harmony US$500m convertible bond pricing and a narrow Naspers and Prosus advance.

How the day unfolded

The morning opened on a risk-on tone after overnight gains in US technology shares. By midday the Top 40 was up 0.71%, with technology leading and resources lagging, while the rand traded flat at R16.23 to the dollar. The session ended with the Top 40 up 0.26% at 105,618 and the All Share up 0.21% at 113,349, as breadth deteriorated to 77 advancers against 83 decliners. Energy fell 2.42% and healthcare 1.75%, while technology closed 4.22% higher and construction and materials added 1.41%.

By the numbers

Breadth: 77 advances, 83 declines, 11 unchanged.

HAR Harmony prices US$500m convertible bond at 1.5% coupon and 40% conversion premium

Harmony priced a US$500 million senior unsecured convertible bond due 2031 with a 1.500% coupon and a conversion price of ZAR 418.60, a 40% premium to the ZAR 299.00 reference from the concurrent Delta Placement. The low coupon is cheap five-year funding, but full conversion would dilute existing shareholders by about 3%, or roughly 19.4 million shares, although Harmony retains a net share settlement option to limit dilution. Proceeds are earmarked only for general corporate purposes, with no named acquisition, capex line or deleveraging plan. The joint bookrunners also placed about 4.1 million existing shares on behalf of bond buyers who wished to hedge their investment, and Harmony receives no proceeds from that existing-share placement. That leaves the market still waiting for Harmony to disclose what the US$500 million will actually fund.

TTO Trustco renews delisting cautionary for sixth time with no new terms or timeline

Trustco renewed its delisting cautionary, referring back to the 11 August 2026 announcement and providing no new terms, conditions update or timeline for the full delisting announcement. This is the sixth renewal since February, and forty-two days after the most recent announcement the company still cannot publish a full delisting announcement. Shareholders remain unable to price the exit terms and are being asked to wait longer on incomplete information. Trustco delisting cautionary renewal

PPR Putprop shareholders approve disposals and Kramerville acquisition; 16.61% oppose acquisition

Putprop's shareholders approved the disposal of Mamelodi Square and Dobsonville and the acquisition of Kramerville, with all conditions precedent now fulfilled and the transactions unconditional. The disposals passed with 100% support, but the Kramerville acquisition drew 16.61% opposition against an 82.23% turnout, isolating the acquisition as the contested leg. The filing does not state the financial effect of the Kramerville acquisition, so the market still cannot judge whether the dissenting 16.61% were right. The share had already fallen 21% into the meeting, and the vote locks in a portfolio change some shareholders clearly did not want.

NPN Naspers and Prosus lead narrow tech rally on buyback updates before close fades

Naspers rose 4.59% and Prosus 4.38% after routine weekly repurchase updates, lifting the FTSE/JSE Technology index 4.22%. Naspers bought 813,626 shares at an average ZAR 725.96, worth roughly ZAR 590.7 million, while Prosus repurchased 2.15 million shares at an average €35.7748 for €77.1 million. The advance was concentrated in these two buyback-supported names, and the Top 40 closed 0.26% higher at 105,618 as breadth deteriorated to 77 advancers against 83 decliners. The rally was not broad-based.

PIK Pick n Pay names Spencer Sonn as CEO-designate from February 2027

Pick n Pay announced Spencer Sonn as CEO-designate effective 1 February 2027, in a planned transition from current CEO Sean Summers. Sonn brings over 30 years of retail experience, including a tenure as Managing Director of Woolworths South Africa (Food). No new earnings or strategic guidance was attached to the announcement. Pick n Pay CEO-designate appointment

BAC Africa Bitcoin CEO Warren Wheatley resigns, formalising September leave

Warren Wheatley stepped down as CEO of Africa Bitcoin Corporation effective 21 September 2026, formalising a departure already flagged when he went on precautionary leave on 1 September. Stafford Masie remains interim CEO while the board searches for a permanent successor. The leadership gap stays open until a permanent CEO is named.

Movers explained

Afrimat jumped 8.42% with no disclosed catalyst, an outsized move in a slightly down Basic Materials sector. Jubilee Metals rose 6.82% in sympathy with firmer platinum and copper, and Copper 360 added 5.36% on the copper lift, though both are thinly traded. Montauk Renewables gained 6.35% and Kore Potash 5.06% with no company-specific news, the latter on commodity tailwinds and also thinly traded. On the downside, Europa Metals plunged 15% and Impala Platinum shed 9.54% despite platinum gaining 1.13%, both with no disclosed catalyst. Southern Sun fell 4.93%, ASP Isotopes 3.91% and Stadio 3.70%, all diverging from their sectors with no SENS link.

Director dealings

Cell C director Jorge Mendes made on-market purchases totalling R20.8 million across 17 and 21 September (R1.2 million and R19.6 million). Sasol director G Nndwammbi received a nil-strike share scheme award of 13,139 shares with a notional value of R2.93 million under the 2022 LTI Plan.

What we are watching

Tomorrow's focus includes BHP's R15.81 dividend payment and Shaftesbury Capital's R0.4830 dividend payment, plus any follow-through in technology after the Naspers and Prosus repurchase updates and in energy after Brent crude weakness. Impala Platinum's 9.54% drop leaves an open question about whether the move was company-specific or technical.