JSE higher as rand strength and resources lift Top 40; Insimbi swings to profit

A firmer rand and a copper-led resource rally set the tone on Friday, but the day's real news was company-specific: Insimbi's return to profit and Finbond's sharp earnings warning.

How the day unfolded

The session opened constructively as a firmer rand supported SA Inc. names, with Vodacom's Safaricom update and Fairvest's book build on the SENS agenda. By midday the Top 40 was up 0.32% and the All Share up 0.30%, with copper-led Resource 10 strength offsetting rand-hedge pressure on USD-earners. The close extended those gains: the Top 40 finished up 0.82% at 103,230 and the All Share up 0.69% at 110,934. Basic Materials (+1.84%) and Energy (+1.75%) led, while Real Estate (-0.89%) was the weakest sector. Breadth improved to 80 advancers versus 70 decliners. The rand strengthened 0.81% to R16.45/USD, a tailwind for banks and retailers but a headwind for USD-earning miners. Commodity strength — copper and platinum both higher — overwhelmed the currency drag in the resource complex.

By the numbers

Breadth: 80 advances, 70 declines, 6 unchanged.

ISB Insimbi swings to interim profit as operating profit rises 119%

Insimbi Industrial Holdings Limited returned to profit for the six months to 31 August 2026, reporting headline earnings per share of 4.58 cents and EPS of 4.75 cents. Both figures landed inside the guided ranges but below their midpoints, a slight miss against the company's own standard. Operating profit rose 119% to R55.1 million, and EBITDA increased 85% to R67.3 million. The swing from a R8.6 million net loss to a R15.2 million profit was supported by a 6.72% rise in ferrous volumes despite uncertainty in the local steel sector. Cash generated from operations turned positive at R11.1 million, compared with R31.0 million utilised a year earlier — a genuine quality signal after the prior period's cash burn. The results are unreviewed, and part of the improvement reflects higher commodity prices rather than purely internal execution. The audited full-year numbers will show whether the profit holds if commodity prices normalise.

FGL Finbond guides interim HEPS to a loss of 5.8–6.0 cents from a 1.1 cent profit

Finbond Group Limited guided its interim earnings sharply lower on Friday, with EPS expected to fall between 85.5% and 83.6% to 1.6–1.8 cents from 11.0 cents a year earlier. Headline earnings per share are expected to swing from a 1.1 cent profit to a loss of 5.8–6.0 cents, a decline of more than 100%. The filing offers no explanation for the wide gap between HEPS and EPS, and no cash-flow or balance-sheet data, leaving the market unable to size the damage. The underlying financial information has not been reviewed or reported on by the auditors. The full results are due by 30 October, where investors will see whether the HEPS loss is once-off or the start of a deeper earnings problem.

CPR Copper 360's Rietberg incline hits copper sulphide 16m earlier than modelled

Copper 360 Limited's Rietberg incline intersected copper sulphide mineralisation about 16 metres before the planned 300 Level elevation, earlier than the geological model expected. Bulk-sample assays returned total copper grades of 1.50% to 0.48%, with visible bornite and chalcopyrite in the Koperberg Suite mafic rocks. The company says the mine plan is unchanged and development remains on schedule. The material is being stockpiled as fringe ore, and the find is not yet in the resource or reserve base — delineation drilling is needed to convert the early intersection into tonnes.

PPR Putprop offers R9.00 cash per share to repurchase 31.94% of shares and delist

Putprop Limited has firmed up its exit, offering R9.00 per share in cash to repurchase all shares not held by the Carleo Group — a 99.1% premium to the pre-cautionary close. The maximum consideration of R121.9 million is backed by an irrevocable Investec guarantee. A scheme meeting is expected on 7 December 2026, with settlement around 18 January 2027. The delisting would leave any non-participating holder in an unlisted company with no liquid exit, and the Carleo Group cannot vote, so the 75% approval threshold rests entirely on participating shareholders.

FTA Fairvest closes oversubscribed R1.25bn book build, issuing 185.2m new B shares

Fairvest Limited closed its accelerated book build at R1.25 billion after strong demand prompted an increase in the raise. The company issued 185,185,185 new B shares at 675 cents each, a 2.7% discount to the 30-day volume-weighted average price of 694 cents. The book was oversubscribed at the increased level. Proceeds will settle remaining consideration on recent acquisitions and provide funding capacity for retail acquisitions currently under negotiation, though the specific targets and their earnings impact have not been disclosed.

VOD Vodacom's Safaricom appeal fast-tracked but stay application undecided

The Court of Appeal in Nairobi declined to rule on the stay application and instead recorded that the substantive appeal would be expedited, preserving the status quo on the Safaricom shares and purchase consideration. VKL remains the registered holder of the shares acquired from the Kenyan government. The fast-tracking is mildly constructive for momentum, but the underlying High Court judgment challenging the acquisition still stands, so the controlling stake remains legally uncertain until the appeal is heard.

Movers explained

Copper 360 Limited (CPR) led the gainers, up 13.21% in thin trading on above-average volume, with copper's rise and the company's own SENS update the likely triggers. Jubilee Metals Group PLC (JBL) added 6.00% in thin trading in sympathy with Basic Materials (+1.84%) and a 0.89% platinum gain. Combined Motor Holdings Limited (CMH) jumped 9.51%, Datatec Limited (DTC) rose 6.01%, and Calgro M3 Holdings Limited (CGR) added 5.35% — none of these three had a disclosed SENS catalyst or clear sector trigger. On the downside, Orion Minerals Limited (ORN) fell 6.90% in thin trading with no published headline. Sappi Limited (SAP) declined 5.31% and ArcelorMittal South Africa Limited (ACL) shed 4.55% against a rising Basic Materials sector, with no specific catalyst. PSG Financial Services Limited (KST) dropped 3.58% on a SENS-linked item with no headline details published, while Novus Holdings Limited (NVS) fell 3.57% in line with the Industrials sector (-0.35%).

Director dealings

Growthpoint Properties Limited executive director JR Snyders exercised options worth R1,303,821.12 and made an on-market sale of R589,940.86 on 13 October. Stadio Holdings Limited associate Christian Phillipus David Vorster made an indirect disposal of R8,000,000 on 15 October.

What we are watching

Next week's focus turns to AVI and DTC, with Basic Materials and Real Estate sector moves and the rand's direction still in play. Finbond's full results are due by 30 October, Putprop's scheme circular is expected around 9 November with a meeting on 7 December, and Vodacom still needs an appeal hearing date for the Safaricom case.