JSE lower as commodity selloff hits resources; Afrimat and Clicks results land
The session's risk-off turn shows how commodity price moves can override a weaker rand, while Afrimat's headline loss and Clicks' R50bn turnover milestone highlight the gap between resource and consumer-facing earnings.
A broad commodity selloff overwhelmed a weaker rand on Thursday, dragging the JSE lower even as a handful of mid-cap results gave the session early support.
How the day unfolded
The session opened mixed, with Clicks and Spear REIT results offering early support while Zeder and Afrimat updates weighed. By midday the tone had turned firmly risk-off, with breadth deteriorating to 39 advancers against 86 decliners and the All Share down 1.33% as resources slid.
The close extended the decline: the Top 40 ended 1.18% lower and the All Share 1.03% lower, with Basic Materials down 3.16% and Precious Metals & Mining down 3.81%. Consumer staples and energy were the only sectors to close higher, while retailers and resources lagged. The rand weakened 0.65% to R16.50 against the dollar, normally a tailwind for miners, but gold's 2.04% fall and platinum's 2.98% drop overwhelmed it.
By the numbers
| Index | Close | Change |
|---|---|---|
| All Share | 108,525 | -1.03% |
| Top 40 | 100,543 | -1.18% |
| Mid Cap | 107,140 | +0.24% |
| Small Cap | 108,297 | -0.04% |
| Resource 20 | 113,311 | -3.18% |
| Industrial 25 | 120,000 | +0.05% |
| Financial 15 | 25,308 | -0.23% |
| FINANCIALS AND INDUSTRIALS | 12,986 | -0.06% |
| SA LISTED PROPERTY INDEX | 489.73 | +0.07% |
| Sector | Close | Change |
|---|---|---|
| FTSE/JSE Chemicals | 15,182 | +5.66% |
| FTSE/JSE Beverages | 271.41 | +2.36% |
| FTSE/JSE Consumer Staples | 100,066 | +1.20% |
| FTSE/JSE Energy | 26,520 | +1.08% |
| FTSE/JSE Consumer Discretionary | 38,862 | -0.81% |
| FTSE/JSE Retailers | 4,704 | -1.01% |
| FTSE/JSE Basic Materials | 79,454 | -3.16% |
| FTSE/JSE Precious Metals & Mining | 116,853 | -3.81% |
Breadth: 65 advances, 86 declines, 9 unchanged.
| Macro | Level | Change |
|---|---|---|
| Rand/USD | 16.4968 | +0.65% |
| EUR/ZAR | 18.4897 | +0.51% |
| GBP/ZAR | 22.0659 | +0.67% |
| Gold | 4,055.9 | -2.04% |
| Platinum | 1,587.2 | -2.98% |
| Palladium | 1,058.75 | -2.86% |
| Brent | 111.41 | +2.38% |
| Iron Ore | 90.85 | -0.01% |
| S&P 500 | 7,661.02 | -1.24% |
| Nasdaq 100 | 26,092.22 | -2.29% |
| FTSE 100 | 10,730.24 | -0.21% |
| VIX | 19.29 | +15.65% |
| Bitcoin | 81,446.06 | -3.05% |
AFT Afrimat interim HEPS swings to a 58-cent loss as Bulk Commodities collapse
Afrimat's interim EPS of 2.6 cents landed inside the 0.1–5.2 cents range it guided on 7 October, but headline earnings swung from a 101.9-cent profit to a 58.0-cent loss. Operating profit fell 32.8% to R255.2m and included a once-off R95.5m profit from the disposal of divested operations, which flattered the result.
The damage was concentrated in Bulk Commodities, where operating profit collapsed from R445.1m to R8.6m. Cement remained loss-making with an operating loss of R146.1m, revenue down 11.1% and sales volumes down 9.0%.
Aggregates was the offset: revenue rose 5.3% to R2.0bn, operating profit jumped 76.8% to R567.8m and the margin expanded to 27.8% from 16.6%. Cash generated from operations rose 21.1% to R433.1m and net debt fell to R2.1bn, with the net debt-to-equity ratio improving to 46.0%. The next test is whether Aggregates strength and the Cement strategic review can offset the iron ore decline.
CLS Clicks FY2026 turnover tops R50bn but HEPS growth lands at lower end of guidance
Clicks FY2026 annual results grew group turnover 5.4% to R50.4bn, the first time above R50bn, and diluted HEPS rose 4.4% to 1,422 cents. A final dividend of 667 cents took the total payout to 925 cents.
The retail business did the heavy lifting: trading profit rose 9.9% and pharmacy market share climbed to 24.7% from 24.1%, with a net 41 stores and 60 pharmacies opened. UPD's trading profit fell 10.4% and its margin declined 60 basis points to 2.7% on a lower SEP adjustment and lost distribution contracts.
Group trading margin slipped 10 basis points to 9.7%, inventory rose 11.1% and inventory days were four days higher at 82. Cash generated by operations totalled R6.3bn against capital expenditure of R1.2bn. The result landed at the lower end of the 4%–9% HEPS guidance range, with management flagging sustained discounting and constrained household spending.
CNP Canal+ nine-month revenue up 37.5% on MultiChoice acquisition, but like-for-like revenue slips
Canal+ reported nine-month revenue of €6,412m, up 37.5% on a restated basis, but the increase was acquisition-driven. Like-for-like group revenue including MultiChoice declined 0.3%.
Africa and Asia excluding MultiChoice grew 10.2% and Content Production rose 5.4%, while Europe fell 1.5% and MultiChoice declined 3.0% like-for-like. Full-year guidance and the 2026 synergies target were reaffirmed, with exclusive UEFA men's club competition rights secured for 2027–2031.
SEA Spear REIT raises FY2027 DIPS growth guidance to 9%-11% after strong half
Spear REIT's half-year distributable income per share rose 8.02% to 47.29 cents, and management raised FY2027 DIPS growth guidance to 9%–11% from 6%–8%. An interim dividend of 44.92107 cents per share was declared.
The upgrade is backed by R1.402bn of Western Cape acquisitions transferred during the half at an 8.99% blended yield, ahead of the weighted average cost of capital, and by portfolio occupancy of 96.60%. Revenue excluding smoothing rose 28.14%, though the commercial-sector vacancy of 8.04% remains well above industrial and retail vacancies.
PIK Pick n Pay guides H1 FY27 headline loss to narrow 25%-35% and concludes labour agreement
Pick n Pay trading statement expects H1 FY27 headline loss per share of -44.83 to -38.85 cents, a 25%–35% improvement from -59.77 cents, with EPS expected at -40.52 to -33.77 cents. Boxer is expected to have grown trading profit while the Pick n Pay segment's loss is expected to have shrunk.
The company reached an agreement with SACCAWU and withdrew the Section 189A consultation, though the labour agreement's cost is not yet quantified. The percentage improvement is flattered by a small prior-year base of R439m; full results are due on 26 October.
4SI 4Sight interim revenue up 29.3% but operating margin compresses
4Sight grew interim revenue 29.3% to R748.3m and headline earnings per share 10.9% to 7.490 cents for the six months to August 2026.
Operating profit rose only 11.8% to R53.9m, pointing to margin compression as revenue growth outpaced profit expansion. The short-form announcement links the full report for detail on earnings quality.
ACL ArcelorMittal renews cautionary but still has no binding offer
ArcelorMittal South Africa, ArcelorMittal Group and the IDC remain at an advanced stage of finalising a potential transaction, but ministerial approval and other pre-conditions are outstanding.
No binding offer exists and no timeline is provided, so the cautionary renewal adds nothing on value, structure or timing. The next announcement will show whether a binding offer emerges.
ZED Zeder narrows interim loss but NAVPS falls 16.1% as Zaad disposal awaits close
Zeder's attributable and headline loss per share improved to 2.8 cents from 10.0 cents, and loss before tax from continued operations narrowed to R1m from R3m. NAVPS fell 16.1% to R1.41 on lower asset-held-for-sale valuations and the R108m special dividend. The R1.4bn Zaad disposal is expected to close by 30 November 2026, with a special dividend intended.
Movers explained
CNP rose 7.96% after its Canal+ nine-month trading update, the clearest direct catalyst. SOL gained 6.90% as the rand weakened 0.65% and Brent added 2.38%, supporting the rand-hedge energy producer. ACL rose 6.72% despite Basic Materials falling 3.16%, but its cautionary renewal carried no positive detail to explain the move. FTH (+5.30%) and HLM (+4.55%) had no disclosed catalyst in SENS, macro or sector prints.
On the downside, AFT fell 5.88% after its Afrimat interim results showed HEPS swung to a loss and Bulk Commodities collapsed, with a board committee change also disclosed. IMP (-5.26%) and AGL (-5.24%) tracked platinum and gold declines, with the weaker rand only a partial offset. WEZ (-9.52%) and JBL (-5.77%) fell in thinly traded lines with no hard company catalyst.
Director dealings
Stadio Holdings director Mr Ishak Kula sold shares worth R1,290,699.20 on 20 October.
What we are watching
The direction of gold, platinum and copper will set the tone for Basic Materials, with LEW, FGL and SYG also on the radar.
Frequently asked
› Why did the JSE fall on Thursday 22 October 2026?
A broad commodity selloff hit resources, with gold down 2.04%, platinum down 2.98% and Basic Materials down 3.16%. The Top 40 closed 1.18% lower and the All Share 1.03% lower despite a weaker rand.
› What drove Afrimat's share price down 5.88%?
Afrimat's interim headline earnings swung from a 101.9-cent profit to a 58.0-cent loss, with Bulk Commodities operating profit collapsing from R445.1m to R8.6m. A board committee change was also disclosed.
› How did Clicks perform in FY2026?
Clicks grew group turnover 5.4% to R50.4bn and diluted HEPS 4.4% to 1,422 cents, landing at the lower end of 4%-9% guidance. Retail trading profit rose 9.9% while UPD's fell 10.4%.
› What did Canal+ report for the nine months?
Canal+ reported revenue of €6,412m, up 37.5% on a restated basis, driven by the MultiChoice acquisition. Like-for-like group revenue including MultiChoice declined 0.3%, with MultiChoice down 3.0%.
› What is Spear REIT's updated guidance?
Spear REIT raised FY2027 distributable income per share growth guidance to 9%-11% from 6%-8% after half-year DIPS rose 8.02% to 47.29 cents. An interim dividend of 44.92107 cents was declared.
› What is Pick n Pay's H1 FY27 guidance?
Pick n Pay expects H1 FY27 headline loss per share of -44.83 to -38.85 cents, a 25%-35% improvement from -59.77 cents. It also concluded a labour agreement with SACCAWU and withdrew the Section 189A consultation.