JSE flat as Brent surge and softer rand lift resources

A risk-off pulse ran through the JSE on Thursday, but the session's single defining force was the strength in commodity-facing counters against a softer rand.

How the day unfolded

Thursday opened with a resources tailwind as Brent crude jumped and the rand weakened, but global equities slid, capping broad upside. By midday the Top 40 and All Share were both down 0.31% with poor breadth, as energy and basic materials strength offset SA Inc. weakness. Into the close, Brent's 5.16% jump to $105.37 and a 0.75% weaker rand at R16.65 lifted resources, leaving the Top 40 flat at +0.01% and the All Share unchanged. Energy gained 1.34%, Basic Materials 0.82% and Consumer Staples 0.85%, while Financials fell 0.80%, Banks 1.13% and Consumer Discretionary 1.07%. Breadth stayed negative at 65 advances against 87 declines.

By the numbers

Breadth: 65 advances, 87 declines, 10 unchanged.

WHL Woolworths clears final regulatory hurdles for in2food acquisition

Woolworths said all regulatory suspensive conditions for its acquisition of in2food Holdings have been fulfilled, with completion expected within the coming month. The deal has been in the works and in2food has supplied Woolworths Food for more than 30 years. The group expects the acquisition to be earnings-accretive and to strengthen Woolworths Food's supply-chain resilience, while adding food-service and export channels that extend beyond its existing premium offering. No consideration value, funding mix or quantified accretion was disclosed, so the market can see the shape of the deal but not its size. The completion announcement is where the price paid and deal terms will be tested.

CVW Castleview cuts asset management fee by 35% but extends agreement to 2036

Castleview reduced its monthly asset management fee from 0.50% to 0.325% of enterprise value, a 35% cut, while extending the agreement for a further ten years to 31 December 2036. The amendments require shareholder approval by 28 February 2027. The trade-off is the extended term and termination-fee mechanics: walking away early could require paying the asset manager's forecast profit for up to fifteen years, with a voluntary exit also needing shareholder approval and a bank guarantee.

BAC 76% shareholder bloc forces board meeting to appoint two directors; board opposes

Shareholders holding about 76% of Africa Bitcoin Corporation's ordinary shares have validly demanded a meeting under section 61(3) to appoint two non-executive directors. The board acknowledges the demand is valid but publicly opposes the appointments, citing governance and regulatory integrity concerns amid exceptional circumstances facing the group. The filing does not name the proposed candidates, explain the board's detailed objections or give a meeting date. The next announcement naming the candidates and objections will show whether this is a resolvable dispute or a deeper control fight.

CNP Chairman-linked entity acquires £782k of Canal+ shares as stock slides 5.45%

HAVAS S.A.S., closely associated with Supervisory Board Chairman Yannick Bolloré, acquired 363,042 Canal+ ordinary shares at GBP 2.1550 per share on 5 October 2026, worth about GBP 782,000. The stock fell 5.45% on the day despite the disclosed insider purchase. The filing gives no stated rationale for the purchase, no post-transaction holding and no indication whether it was a one-off or part of a plan. The next results will show whether the buying was backed by improving fundamentals.

JBL Jubilee waste project disposal passes legal due diligence; stock jumps 6.98%

Jubilee Metals reported that legal due diligence on its Large Waste Project disposal is complete, triggering a US$2.25m deposit and opening a 45-day technical due diligence window. The transaction remains conditional and not yet complete. The thinly traded stock rose 6.98% on the update. If technical due diligence and conditions are met, the disposal could bring US$35m in consideration, but completion is not assured until the December 2026 payment trigger.

PMR Competition Commission seeks to revoke Premier's RFG merger approval

The Competition Commission has applied to the Tribunal to revoke the merger approval for Premier's acquisition of RFG Holdings, citing the closure of the FPWC Tulbagh facility. Premier contests the application, saying the closure was a post-merger operational decision driven by structural decline in the canned deciduous fruit market. Premier says it has not been presented with evidence linking the closure to the RFG transaction and intends to defend its position. The Tribunal's ruling will determine whether the Commission can establish a causal link.

TEX Texton CFO Pienaar Welleman resigns

Texton Property Fund announced that CFO Pienaar Welleman resigned as executive director and chief financial officer effective 7 October 2026, serving a two-month notice period ending 7 December 2026. No reason for the departure or successor was disclosed. The successor appointment and any accompanying commentary will indicate whether this is a clean handover or a sign of instability.

RBX Raubex renews cautionary on Bauba Resources review for fourth time

Raubex renewed its cautionary announcement on the Bauba Resources strategic review, saying the process has been 'advanced' but providing no transaction terms, counterparty or certainty of a deal. This is the fourth renewal. The next SENS update will show whether the review concludes with terms, lapses or continues.

Movers explained

On the upside, Sasol's 5.36% gain was macro-driven as a USD earner, while Jubilee Metals' thin-volume advance was SENS-linked to its waste project disposal update. Purple Group's 4.94% rise had no disclosed catalyst, Rainbow Chicken's 4.39% move was sector sympathy with defensive names, and Kore Potash's 3.80% thin-volume gain was SENS-linked with no headline present. On the downside, Canal+ SA's slide came with director dealing flags despite the disclosed insider purchase; Master Drilling's 4.59% drop and Sappi's 3.78% drop had no disclosed catalyst, Altron's 3.96% decline tracked technology weakness and rand pressure, and Aveng's 3.84% fall was sector sympathy with a rand cost headwind.

What we are watching

The next sessions will test whether the commodity strength holds, with Energy and Brent crude on watch alongside ARI, FSR and HAR. Woolworths' completion announcement, Castleview's shareholder vote and the Tribunal ruling on Premier's RFG merger are the concrete dates ahead.