JSE slips as rand weakens, Metair plunges 35%, Reunert guides lower

The JSE ended Friday under pressure as a sharply weaker rand squeezed SA Inc. names, while Metair Investments Limited's quantified port-congestion hit and Reunert Limited's halved earnings guidance set the tone.

How the day unfolded

The session opened with a cautious tone as the rand weakened and the VIX jumped, supporting rand-hedge miners while pressuring SA Inc. names.

By midday the consumer cyclical slide dragged the JSE lower, with the rand weaker and breadth mixed.

Into the close the rand had weakened 2.09% to 16.9482 against the dollar, and the Top 40 closed 0.47% lower at 104,487 while the All Share fell 0.45% to 112,388. Consumer Discretionary led the decline at -2.60% and Financials fell 1.30%, while Energy rose 1.07% and Telecommunications gained 1.49%; breadth closed at 61 advancers against 82 decliners.

By the numbers

Breadth: 61 advances, 82 declines, 5 unchanged.

MTA Metair flags 20–25% EBITDA hit from Durban port congestion; shares plunge 35%

In its Metair Investments operational and trading update, Metair Investments Limited has quantified the hit from Durban port congestion at approximately 20–25% of reported EBITDA before exceptional items for FY2026, and says these costs are not recoverable from customers.

The disruption forced exorbitant airfreight costs, significant overtime and a temporary stoppage of one customer production line, with meaningful port improvement unlikely before the end of the first quarter of 2027.

If disruption persists, Metair may be unable to meet commitments and may need to invoke force majeure or other contractual rights; the repair and stabilisation of Unitrade's e-beam machine is the one offset.

RLO Reunert guides FY26 earnings down roughly half; shares drop 6.4%

In its Reunert trading statement, Reunert Limited expects FY26 total EPS of 282 to 312 cents, a 52% to 47% decline from 590 cents, and total HEPS of 323 to 355 cents, down 49% to 44% from 630 cents.

Weak demand, currency and commodity prices account for an estimated 146-cent hit, delayed Defence orders for 51 cents, and once-off African Cables restructuring and Nashua-related challenges for 47 cents.

The Applied Electronics order book was 25% higher at 30 September and is estimated above R3.0 billion, with most execution scheduled for FY2027; audited results are due on or about 23 November.

TTO Trustco opens settlement talks on NAD6.9bn debt after standstill expired

In a Trustco settlement talks cautionary, Trustco Group Holdings Limited has begun formal settlement talks with related-party lender Next Capital and a group of European lenders over roughly NAD6.9 billion in debt, after the 2023 standstill expired.

The NAD2.949 billion Huso purchase-price obligation remains outstanding because a previously announced debt-to-equity conversion was never implemented, and Trustco says there is no certainty the negotiations succeed. The filing states either outcome could materially affect cashflows, financial position, profitability and the share price, and does not quantify any going-concern effect.

CFR Richemont posts strong H1 results: sales up 17%, operating margin +330bps

In its Richemont H1 results, Compagnie Financière Richemont SA's H1 FY2027 sales rose 17% at constant rates to EUR12.3 billion, operating profit increased 33% to EUR3.1 billion, and the operating margin expanded 330 basis points to 25.5%.

Operating cash flow rose EUR646 million to EUR2.5 billion, lifting net cash to EUR7.7 billion; a stronger rand translated the euro-denominated growth into lower ZAR-reported figures.

ISA ISA Holdings interim EPS lands inside guidance, but DataProof sale flatters the headline

In its ISA Holdings interim results, ISA Holdings Limited reported interim EPS of 22.4 cents, inside its 21.56–23.44 cent guidance range, with turnover up 35% to R92.5 million.

Excluding DataProof sale proceeds, attributable profit rose 24% to R18.2 million, and the board did not declare an interim dividend while it weighs capital-allocation options on the R73.2 million cash balance.

ITE Italtile's market update shows retail turnover up only 1% with volumes under pressure

Italtile Limited's Italtile AGM and market update showed retail turnover grew just 1% year on year from July to October, with tile volumes under pressure and higher selling prices largely passing through fuel-related costs.

Ceramic Industries remained under substantial pressure from imports and competition, while discussions with a prospective buyer for the Australian operations are at an advanced stage.

PPR Putprop posts circular for R9.00-per-share scheme, a 99.1% premium

Putprop Limited has posted the circular for a scheme that will take the company private at R9.00 per share, a 99.1% premium to the pre-cautionary close of R4.52, with irrevocable undertakings covering 69.29% of scheme shares.

The independent board unanimously recommends the consideration as fair; the remaining conditions include the TRP compliance certificate and the 14 December general meeting.

Movers explained

Gainers were dominated by rand-hedge USD earners: Sasol Limited rose 3.22% and British American Tobacco p.l.c. 2.21% as the rand weakened 2.09% against the dollar, with Brent up 1.03% adding support for Sasol. Thungela Resources Limited gained 2.43% alongside Energy's 1.07% rise. Montauk Renewables, Inc. jumped 11.06% with no disclosed operational catalyst — the only company item was a rescheduled conference call. Spear Reit Limited's 2.57% gain had no SENS catalyst. On the downside, Metair Investments Limited and Reunert Limited fell 35.02% and 6.40% on their updates (see sections). Gemfields Group Limited's 15.58% drop was on a thinly traded instrument with no catalyst and is not a reliable signal; Lesaka Technologies, Inc. fell 6.52% with Technology down 1.05% and Nasdaq 100 down 1.12%; Woolworths Holdings Limited dropped 5.69% as the weaker rand pressured a domestic retailer even as Consumer Staples rose 0.63%.

What we are watching

The open questions are whether Metair can contain the port-congestion damage to a single year, how far the rand extends its slide, and what Montauk reveals on its 16 November call. Reunert's audited results on 23 November will test cash generation against the guided earnings decline, and Putprop's 14 December general meeting and TRP certificate will determine whether the R9.00 scheme proceeds.