Top 40 +0.61% as Santova guides 55–60% HEPS jump

A weaker rand set Friday's tone, steering money toward rand-hedge USD earners while SA Inc. lagged. The session's standout was Santova's guided 55%–60% jump in interim headline earnings per share, a fresh positive surprise for holders.

How the day unfolded

The session opened mixed: a 1.49% weaker rand to 16.665 supported USD-earning miners, but iron ore's 4.65% drop and sharp European losses capped the open. By midday the Top 40 was up 1.02% and the All Share up 0.92%, with Communication Services leading and Technology lagging in a narrow rotation.

Into the close the rand-hedge rotation faded, leaving the Top 40 up 0.61% at 100,780 and the All Share up 0.57% at 108,378. Energy led the sector board at +3.26%, followed by Telecommunications +1.91% and Banks +1.51%, while Industrial Transportation -0.92%, Technology -0.62% and General Industrials -0.54% lagged. Breadth was positive but narrow at 85 advancers against 66 decliners.

By the numbers

Breadth: 85 advances, 66 declines, 10 unchanged.

SNV Santova guides interim HEPS up 55.4%–60.4% on full Seabourne contribution and stronger trading

Santova expects six-month headline earnings per share of 55.46c to 57.24c, up 55.4% to 60.4% from the restated 35.68c. Earnings per share are guided 54.34c to 56.13c, a 51.9% to 56.9% rise from restated 35.78c.

The uplift is driven by a full six-month contribution from Seabourne Group, improved foreign-exchange movements, stronger trading in the United Kingdom and the Netherlands, and higher freight rates.

The trading-statement figures are unaudited and subject to change on review. Interim results due by 27 October 2026 will show whether the earnings are cash-backed.

GLN Glencore lifts 2026 Marketing EBIT guidance to exceed $5bn and raises long-term range

Glencore now expects full-year 2026 Marketing Adjusted EBIT to exceed $5bn, up from the c.$4.9bn mathematical outcome highlighted at the half-year. The updated long-term through-the-cycle guidance range is c.$2.8bn to c.$4.2bn with a c.$3.5bn midpoint, replacing the previous $2.3bn to $3.5bn range.

The new methodology references Readily Marketable Inventories of $32.2bn at 30 June 2026 and a current marketing funding cost of about 5%, making the range sensitive to those inputs. The update lands ahead of Glencore's ASX secondary listing on 14 October.

TTO Trustco renews Meya Mining cautionary with no material change and no new terms

Trustco has renewed its Meya Mining cautionary for the third time, stating there has been no material change to the position disclosed on 20 August 2026. The matters in question are Trustco's minority equity interest in Meya Mining and a loan receivable from Meya Mining.

No timeline, consideration, structure or funding detail has been disclosed, leaving the uncertainty unresolved. Shareholders are told to keep exercising caution until a further announcement.

MTN MTN Ghana receives notice of 700 MHz and 3 GHz spectrum award for 5G

MTN Ghana has received notice of a spectrum award in the 700 MHz and 3 GHz mid-band frequencies for 5G and mobile broadband services. The licences will run for 15 years, with combined fees of USD202 million across the two bands.

The 700 MHz award carries a licence fee of USD100.9 million and the 3 GHz award USD101.1 million, both incorporated into MTN Ghana's equity free cash flow outlook. The licences are not yet issued and payments are still being finalised.

NVS Novus completes R85m print letting disposal; transfer registered and consideration paid

Novus has closed the sale of its print letting enterprise, with registration of transfer on 30 September 2026 and the R85 million consideration paid. The completion confirms execution of a deal the market has known about since March 2026, but the gain or loss on disposal remains unquantified until the next results.

ANG JSE publicly censures AngloGold Ashanti for delayed SENS release of price-sensitive results

The JSE has publicly censured AngloGold Ashanti for breaching simultaneous-disclosure requirements on 1 August 2025, when its Q2 and six-month results and dividend reached Bloomberg at 12:10pm SAST but only appeared on SENS at 12:34pm. The JSE found simultaneous disclosure was reasonably achievable, and the censure carries no stated financial penalty.

NVS Novus adds 40,690 Mustek shares, lifting stake 0.07 points to 57.70%

Novus bought 40,690 Mustek shares on market for R620,522.50 at R15.25 each, increasing its direct stake from 57.63% to 57.70% and its concert-party total to 77.99%. The incremental purchase is immaterial to control and valuation but slightly tightens the minority float in Mustek.

Movers explained

Thungela Resources rose 7.78% with director dealings flagged as a possible driver, though no specific SENS headline was identified. Orion Minerals gained 7.41% on no visible catalyst and is thinly traded, amplifying the move. ASP Isotopes rose 6.87% after a SENS-filed Form 4 statement of changes in beneficial ownership. Capitec advanced 4.41% and Master Drilling 4.25% with no disclosed SENS catalyst; Capitec's move came despite rand weakness being a marginal headwind for a domestic bank. On the downside, Canal+ SA fell 17.79% against a rising Communication Services sector with no disclosed catalyst, while Purple Group, EPE Capital Partners, Texton Property Fund and KAP Limited all declined with no SENS or corporate action to explain the moves.

Director dealings

Nine Standard Bank insiders exercised deferred bonus scheme units at R300.14 on 30 September 2026, with individual values ranging from R1.1m to R4.4m. The transactions were routine automatic vesting under the scheme, not open-market purchases, and carry no fresh capital commitment or directional signal.

What we are watching

Next week opens with African Rainbow Minerals' last day to trade cum-dividend for its R7.00 payout, while the rand's direction will decide whether the rand-hedge rotation holds. Santova's interim results due by 27 October and Glencore's ASX secondary listing on 14 October are the next corporate dates to watch, along with any follow-through in Canal+ SA after Friday's 17.79% fall.