Late rally lifts JSE as rand firms; Oasis cuts DPU 6.7%

A late-session rally lifted SA Inc. names as the rand firmed against the dollar, with broad market breadth confirming a risk-on close.

How the day unfolded

The session opened risk-on after a Nasdaq surge and a stronger rand, with Nedbank's NCBA acquisition turning unconditional. Midday turned mixed as a commodity split saw energy gain on firmer oil while gold miners dragged, leaving the Top 40 down 0.22%.

A late rally reversed the weakness, lifting the Top 40 to +1.27% and the All Share to +1.29% on breadth of 121 advancers against 31 decliners. Sector leaders included industrial transportation (+3.19%), telecommunications (+2.87%), retailers (+2.53%) and banks (+2.11%), while chemicals (-0.75%) and basic materials (+0.46%) lagged. The rand strengthened 0.30% to 16.41 against the dollar, while Brent crude fell 2.67%.

By the numbers

Breadth: 121 advances, 31 declines, 7 unchanged.

OAS Oasis Crescent Property Fund cuts interim distribution 6.7% as Sacks Circle redevelopment bites

Distributable income fell 4.7% to R38.9m and distribution per unit declined 6.7% to 58.5 cents after Sacks Circle, the fund's second-largest income property, earned nothing during the period while under strategic redevelopment. Total income decreased 1.6% to R80.1m.

Headline earnings per unit fell 16.8% to 65.1 cents, partly on fair-value adjustments to financial assets. The fund declared a distribution of 58.52922 cents per unit, with unitholders able to elect cash or reinvestment.

Operational positives included lower vacancies, longer lease lengths, no debt, and a 2.3% increase in NAVPU to 2,884 cents. However, these could not fully offset the income hole from Sacks Circle.

Recovery hinges on Sacks Circle completing on schedule by December 2026 and resuming income.

DTC Datatec guides underlying EPS up 53–61% but headline EPS rises only 0.5–7.3%

Record first-half Adjusted EBITDA at Westcon International and Logicalis International drove underlying EPS guidance of 29.5–31.0 US cents, up 52.9–60.6% year on year. Westcon maintained its growth trajectory, while Logicalis International significantly improved gross-profit-to-EBITDA conversion after exceptional US performance.

Headline EPS is guided at only 22.1–23.6 US cents, up 0.5–7.3%, as once-off items and recoverable tax credits flatter the bottom line. EPS is expected at 22.8–24.3 US cents, up 5.1–12%.

Separately, the Public Investment Corporation trimmed its stake to 12.71% of Datatec's ordinary shares, as disclosed in a shareholder notice on the same day.

The share rose 6.85% on the day. The 29 October interim results will show whether the record EBITDA converts to cash and whether the tax-credit boost is repeatable.

CMH Combined Motor Holdings guides H1 EPS up 20–25% to 264–275 cents

CMH expects earnings per share for the six months to 31 August 2026 to rise 20–25%, landing between 264.0 and 275.0 cents against 220.0 cents a year earlier. No prior half-year guidance was on record.

The filing gives no HEPS, operating profit, revenue or driver commentary, so the quality of the uplift cannot yet be checked. Results are due on or about 21 October 2026.

KRO Karooooo posts record Q2 operating profit and subscriber adds

Q2 subscription revenue rose 20% to ZAR1,418m and operating profit rose 19% to a record ZAR422m, while Cartrack added a record 94,516 net subscribers. Constant-currency subscription growth of 23% sits in the upper band of the 18–24% FY2027 outlook.

The core engine is accelerating despite rand headwinds, but Cartrack's operating margin slipped to 28% from 29% and free cash flow dipped on capex supporting subscription growth and buffering against higher RAM and memory prices.

LAB Labat Africa placed under provisional winding-up

The High Court granted a provisional liquidation order on 1 October, dismissed Labat's postponement and intervention applications, and set 8 March 2027 for the final-order hearing. The company is in the hands of the Master of the High Court.

The underlying cause is a 19 January 2024 judgment in Hollard's favour for R20m plus interest and attorney-and-client costs. Separate rescission proceedings against that judgment remain pending and were not determined by this order.

DRD DRDGOLD Q1 gold output up 10% but costs climb

Gold production rose 10% year on year to 1,307kg and operating profit rose 42% to R1,627.4m, but cash operating costs rose 12% and the quarter-on-quarter trend softened with operating profit down 14%. The DP2 Plant expansion was substantially completed by 30 September, with commissioning scheduled for October.

KIO Kumba holds full-year guidance as planned shutdown cuts Q3 production 19%

Q3 production fell 19% to 7.5Mt on the Sishen DMS plant shutdown for the UHDMS tie-in, while sales rose 3% to 10.0Mt on stock drawdown. Full-year guidance of 31–33Mt production and 35–37Mt sales is unchanged, with sales expected at the upper end.

Movers explained

SSK surged 9.26% with no disclosed catalyst, while HLM rose 8.33% on a B-BBEE compliance report but the move looked momentum-driven. DTC climbed 6.85% after a shareholder notice showing the PIC trims Datatec stake to 12.71% and a Datatec trading statement; ISO added 6.08% on an unspecified SENS-linked event, and SPG gained 4.59% in line with the Industrials sector. On the downside, CNP fell 6.54% against its sector's 2.87% gain with no SENS catalyst, LSK dropped 4.65% with no disclosed trigger, and KAP, ACL and LBR each declined without corporate news, with LBR facing mild rand-strength headwinds.

What we are watching

CMH results are due on or about 21 October, and Datatec's interims follow on 29 October. GLPROP, WNXT40 and CSP500 ETFs trade ex-dividend, while the Labat Africa liquidation update is set for 8 March 2027.