JSE falls 0.49% as resources and tech slide; healthcare leads

What began as a constructive session ended in the red on Thursday as late pressure in the resource and technology complex overwhelmed earlier strength. The session's defining feature was the breadth of the commodity-driven slide into the close.

How the day unfolded

The day opened on a constructive note, supported by US-led risk appetite. The rand weakened 1.43% to R16.76/USD, a tailwind for rand-hedge miners but a headwind for import-heavy SA Inc. names.

By midday the JSE had ground higher: the Top 40 was up 0.32% and the All Share up 0.40%, with financials leading as the Financial 15 gained 1.65%. Healthcare, industrials and consumer cyclical names all advanced more than 1.7%, while basic materials and technology lagged. Breadth sat at 97 advancers to 35 decliners.

The session then reversed. The Top 40 closed at 104,981, down 0.55%, and the All Share at 112,895, down 0.49%. Basic Materials fell 1.70%, Energy 1.64%, Precious Metals & Mining 2.25% and Technology 2.09%, while Health Care rose 2.28% and Industrials 0.76%. Gold fell 3.30% to $3,857.69 and palladium 5.89%, with market breadth narrowing to 82 advancers against 67 decliners.

By the numbers

Breadth: 82 advances, 67 declines, 9 unchanged.

ENX Disposals leave a smaller, loss-making core

enX's continuing operations shrank in the year to August 2026. Revenue fell to R105m from R143m, and the loss before tax widened to R12m from a restated R1m loss, driven by lower net interest income and reduced management fee recoveries.

The headline loss attributable to ordinary shareholders from continuing operations increased to R22m from R18m, with headline loss per share rising to 12.3c from 9.7c. Net asset value per share fell to 287c from a restated 512c, reflecting capital returns, the loss, disposal adjustments and transaction costs.

The disposals themselves are progressing. The New Way Power Sale Business and enX Ventures Letting Enterprise disposal completed on 2 November 2026, and the group has already returned a further 192c per share to shareholders. Cash and cash equivalents rose to R197m from R175m, including R82m held within New Way Power for working capital, and net cash inflow before financing activities increased to R253m from R241m. See the enX summarised group results for the full disclosure.

LHC Trading statement flags FY2026 earnings range

Life Healthcare issued its Life Healthcare trading statement for the year ended 30 September 2026 on Thursday. The notice is the expected earnings disclosure ahead of the full-year results, narrowing the range the market can use to benchmark the print.

The detailed range was not included in the SENS filing reviewed, so the statement is a signal of the forthcoming disclosure rather than a quantified update. The next disclosure point is the results release itself, where the range will be tested against reported earnings.

AFH Circular sets 11 December vote on New Veld repurchase

Alexforbes distributed the Alexforbes circular and GM notice and notice for a general meeting on Friday 11 December at 09:00, to be held by electronic participation. Shareholders will vote on the specific repurchase of 372,773,547 shares from New Veld, LLC at R6.75 per share, subject to adjustments.

The circular carries a positive fairness statement and a positive recommendation from the independent board members. The terms were first announced on 18 September 2026, making this the procedural step between the announced deal and the shareholder vote.

FTA FY2026 results set for 1 December

Fairvest will publish its annual financial statements for the year ended 30 September 2026 on Tuesday 1 December, with a webinar presentation at 11:00 SAST. This is a scheduling notice only: no earnings, distribution or property metrics are disclosed. The market will get its first look at the numbers on that date. See the Fairvest annual results presentation notice for details.

Movers explained

On the upside, Mantengu rose 10% to R0.11 and Accelerate Property Fund gained 6% to R0.53, both thinly traded shares with no disclosed catalyst; Huge Group's 6.09% rise is also technically unexplained. Sappi advanced 4.02% against a falling Basic Materials index, with no company-specific driver supplied.

Aspen Pharmacare rose 3.63% in sympathy with the health care sector's advance, with no direct SENS headline. On the downside, Montauk Renewables fell 12.83% with no disclosed company-specific catalyst, Afrimat lost 4.86% in sympathy with Basic Materials, Woolworths fell 4.18% as the weaker rand created import-cost pressure, AngloGold Ashanti dropped 3.78% as gold and platinum fell, and Lesaka Technologies declined 3.72% with Technology sector weakness the clearest explanation.

Director dealings

WBHO's 2023 allocation of the 2013 share plan vested at 200%, transferring 543,000 ordinary shares off-market to executive directors, prescribed officers and the company secretary on 6 November. Executive director WP Neff received the largest deemed value at R14.7m, with AC Logan at R9.0m and CV Henwood at R10.8m. The vesting outcome had already been disclosed in the 2026 integrated report, making this the administrative record of the transfer.

What we are watching

Fairvest's 1 December annual results and the 11 December Alexforbes repurchase vote are the next scheduled disclosures. ASIETF's last day to trade cum-dividend and Schroder European REIT's dividend payment date sit on the immediate calendar, while commodity price direction and the rand's trajectory will frame the resource and SA Inc. trade.