JSE slips 0.23% as firmer rand hits miners; Omnia guides H1 EPS up

A firmer rand kept pressure on rand-hedge miners while SA Inc. names found support, leaving the JSE lower on a day when corporate news took over the tape. Omnia's bullish H1 trading statement was the standout.

How the day unfolded

The session opened with a cautious global tone and a firmer rand favouring SA Inc. over rand-hedge miners. By midday the resource drag had deepened, with Basic Materials sliding 2.10% intraday and breadth negative at 81 decliners against 49 advancers.

The afternoon brought a partial recovery: the Top 40 closed 0.24% lower at 101,192 and the All Share 0.23% lower at 109,275. Technology (+0.97%) and Industrials (+0.70%) led, while Chemicals (-2.28%) and Retailers (-1.44%) lagged. The rand firmed 0.43% to R16.62/$ and Brent fell 1.37% to $103.33, compounding pressure on USD-earning miners.

By the numbers

Breadth: 70 advances, 83 declines, 5 unchanged.

OMN Omnia guides H1 EPS up 25–35% and HEPS up 18–28%

Omnia expects earnings per share of between 407c and 440c for the six months to 30 September 2026, a 25–35% increase on 326c. Headline earnings per share are guided at 378–410c, up 18–28% from 320c. Deloitte reported on the underlying information for limited-assurance purposes, and interim results are due on or about 9 November.

The EPS range sits above the HEPS range, and the statement does not explain why headline growth lags reported growth. That leaves an open question on earnings quality until the interim numbers show whether the uplift is cash-backed.

The guidance covers H1 2026, distinct from the full-year guidance issued in May. Directionally positive, but segment and cash-flow detail will only come with the 9 November results.

SLM Sanlam posts Santam scheme circular ahead of 2 December vote

Sanlam has posted the joint scheme circular for its R21.2bn cash offer to take Santam private at R505.00 per share. Santam shareholders vote on 2 December 2026.

The circular discloses Sanlam's 61.9% shareholding and approximately 48.3% aggregate shareholder support. The scheme remains conditional, with the vote outcome determining whether the transaction proceeds or court processes are needed.

SRI Supermarket Income REIT to raise ~£50m for £65.2m grocery pipeline

Supermarket Income REIT plans an approximately £50m equity issue to fund six earnings-enhancing transactions across 12 assets. The acquisitions carry a 7.3% average net initial yield and a 12-year weighted average unexpired lease term, with completion expected by December 2026.

Management expects the issue and acquisitions to be EPS-accretive from the first full year, with minimal NTA dilution and pro-forma loan-to-value held at about 45%. Existing shareholders face dilution, but the placing result and issue price will show whether the terms are acceptable.

DLT Delta Property guides HY27 distributable income per share up 20–30%

Delta Property Fund expects distributable income per share of 10.98–11.90 cents for the six months to 31 August 2026, up 20–30% from 9.15 cents. The uplift is driven by lower net finance costs and a lower expected credit loss charge.

Lower net operating income and higher administrative expenses partly offset the improvement. Unaudited interim results are expected on 25 November 2026, when the market can test whether the uplift is backed by stabilising operating performance.

CMH Combined Motor Holdings announces death of group CEO Jebb McIntosh

Combined Motor Holdings' group CEO Jebb McIntosh died on 2 November 2026. He had served on the board since 1976 and was still directing the group's activities up to his final day. The filing names no successor or interim arrangement, leaving the leadership transition unresolved.

MRF Merafe ferrochrome output down 46% but smelters restarting

Merafe's attributable ferrochrome production fell 46% to 61kt in the nine months to 30 September 2026, from 112kt a year earlier. Boshoek restarted in September and Wonderkop in October, with the fourth-quarter ramp-up now under way after new Eskom pricing agreements.

Movers explained

Sephaku (+10.55%) and Caxton and CTP (+3.71%) rose with no disclosed SENS catalyst or supporting sector move, leaving those gains technically unexplained. Hulamin (+5.91%), KAP (+3.89%) and Adcorp (+3.83%) tracked the Industrials sector's 0.70% gain. On the downside, Invicta fell 6.09% against the sector, with the EOD summary linking the move to a bearish trading statement for the six months to 30 September 2026. Tsogo Sun (-5.52%) and ASP Isotopes (-3.53%) followed weaker consumer and basic materials sectors, while Equites (-4.25%) had no clear disclosed driver. ArcelorMittal (-3.82%) tracked copper and Basic Materials weakness.

Director dealings

Transpaco's Derek John Jefferson Thomas indirectly disposed of R74.14m in shares on 2 November 2026. Growthpoint Properties executives and the company secretary received share scheme awards on 3 November totalling roughly R39.4m.

What we are watching

Omnia's interim results on 9 November and Delta Property's on 25 November will test today's guidance, while Sanlam's Santam scheme vote is set for 2 December. Merafe's fourth-quarter production report will show how far the smelter ramp-up has progressed, and USD/ZAR plus the Basic Materials complex stay in focus.