Astral profit jump and financials lead JSE higher Thursday

Thursday's JSE session carried a cautiously constructive mood from the open, with investors working through a heavy corporate-results slate rather than chasing the overnight global lead.

How the day unfolded

The market opened with global risk appetite supportive as the VIX fell and Brent crude eased overnight, tilting the JSE firmer at the first prints.

By midday the All Share had slipped back to +0.01%, with energy and technology under pressure while basic materials and resource counters held firm.

In the afternoon financials (+0.91%), banks (+0.93%) and consumer discretionary (+0.95%) led a narrow advance, leaving the Top 40 up 0.30% at 101,876 and the All Share up 0.25% at 110,039, with breadth improving to 81 advancers against 58 decliners. The rand was little changed at R16.6179/USD, while platinum fell 3.57%, gold lost 1.09%, the VIX fell 3.13% and Brent eased 1.45%.

By the numbers

Breadth: 81 advances, 58 declines, 13 unchanged.

ARL Astral guides FY2026 HEPS up 95%–105% to 4 277–4 496 cents on lower feed costs and volume growth

Astral Foods guided full-year earnings per share 90%–100% higher to between 4,324 and 4,552 cents, and headline earnings per share 95%–105% higher to between 4,277 and 4,496 cents, for the year to 30 September 2026.

The uplift is operational rather than once-off: softer maize and soya prices cut feed costs, broiler volumes and farming efficiencies improved, and higher-margin poultry sales lifted realisations.

The Astral Foods trading statement is unaudited and gives no cash-flow or working-capital detail, so the earnings direction is clear while cash conversion remains an open question.

Full-year results are due on 23 November 2026.

NPH Northam reports significant interest in its strategic process but names no bidder, terms or valuation

Northam said its competitive process has attracted significant interest, including expressions of interest from South African and multinational corporations ahead of the 1 December 2026 deadline. The Northam strategic process update, first announced in August 2026, is soliciting proposals for one or more potential transactions.

No bidder, transaction type or indicative valuation is disclosed, and Northam retains full discretion to reject every proposal. The cautionary remains in place.

ANH AB InBev Q3 underlying EPS up 22.4% to US$1.21 and interim dividend raised to €0.40 from €0.15

AB InBev reported third-quarter underlying EPS up 22.4% to US$1.21, with revenue up 4.9% and normalized EBITDA up 3.9% to US$5,957 million. The normalized EBITDA margin contracted 34 basis points to 36.1%.

The board approved an interim dividend of €0.40 per share for fiscal 2026, up from €0.15 in fiscal 2025, funded from operating results and carried-over profits without drawing on capital reserves.

DCP Dis-Chem HEPS falls 12.8% and dividend cut 12.9% despite 8% revenue growth

Dis-Chem interim results grew revenue 8.0% to R23.0 billion, but headline earnings per share fell 12.8% to 64.3 cents and the interim dividend was cut 12.9% to 25.62 cents per share.

Expenses rose 12.1% and the X, bigly labs cost investment doubled, while Better Rewards active membership grew 27% to 8.2 million and front-shop volume rose 5.5% against a flat market.

MTU Mantengu sells loss-making Sublime for R1 001, with completion hinging on restructuring R112m of guaranteed debt

Mantengu has signed an agreement to sell its loss-making Sublime Technologies subsidiary for R1,001 in cash, exiting a business that has generated no income since June 2025. The disposal is expected to reduce Group debt by about R135 million.

The sale crystallises a R33 million write-down of Sublime's recorded fair value to nil and gives effectively no cash proceeds. Completion hinges on the R112 million guaranteed debt being restructured, settled or extinguished without recourse to Mantengu by 30 November 2026.

IMP Implats reports five fatalities and an 8% refined production decline, but maintains FY2027 guidance

Implats reported five fatalities at managed operations in the September quarter and a four-day safety reset at Impala Rustenburg that cost an estimated 52,000 6E ounces.

Gross 6E refined and saleable production fell 8% to 763,000 ounces, while FY2027 volume, cost and capital expenditure guidance was maintained. Deferred smelter throughput is expected to affect refined production between September and November 2026.

ADR Adcorp lifts HEPS 14.2% to 60.5 cents on cost discipline despite a 2.1% revenue decline, and raises its interim dividend

Adcorp lifted operating profit before finance income and costs 24.9% to R90.2 million and headline earnings per share 14.2% to 60.5 cents, even as revenue fell 2.1% to R6.26 billion.

The board declared an interim dividend of 28.46216 cents per share, up from 24.77681 cents. Management flagged a more demanding second half, with two divisions still underperforming.

HYP GCR upgrades Hyprop's national scale issuer ratings to AA-(ZA)/A1+ (ZA), stable outlook, on improved gearing and liquidity

GCR upgraded Hyprop's national scale long-term and short-term issuer ratings to AA-(ZA) and A1+(ZA) respectively, both with a stable outlook, while affirming international scale ratings at BB-/B. The agency cited improved capital structure and gearing over the past 24 months, backed by R1.7 billion in cash and R2.1 billion in unutilised committed facilities at 30 June 2026.

Movers explained

Purple Group, OUTsurance, CA Sales and Stefanutti Stocks all rose in line with the day's financials and industrials strength, with no stock-specific catalysts disclosed. Northam Platinum gained 3.13% on its strategic-process update even as platinum fell 3.57%.

On the downside, Canal+ SA fell 6.66% and Calgro M3 fell 4.19% with no disclosed catalyst. Jubilee Metals and RMB Holdings declined in thin trade without a disclosed catalyst, while AB InBev Q3 2026 results fell 3.76% after its Q3 results and sharply higher interim dividend announcement.

What we are watching

The corporate calendar turns to final cum-dividend dates on Friday, with BYI, KST and TLM trading cum-dividend for the last time. Commodity-linked names face follow-through after broad declines in Brent and platinum, and Astral's 23 November results and Mantengu's 30 November debt-restructuring condition are the nearest hard dates to watch.