Johan Meyer

$JSE Top 40 A sharply positive session on the JSE saw the index surge by as much as 8,000 points intraday following the announcement of a two-week ceasefire in the Middle East. Oil prices declined significantly, falling as much as 15% during the session before recovering modestly off the lows. The rally was broad-based, with most counters posting strong gains as underinvested participants moved aggressively to increase exposure, while short covering further accelerated the move. Despite the strength, underlying caution remains, with Iran announcing a halt to shipping through the Strait of Hormuz until Israel ceases its operations in Lebanon. Platinum counters led the charge, with Impala Platinum and Valterra posting double-digit gains, while Sasol lagged sharply on the back of the oil price move. Roughly R45.2bn traded on the day, with the rand strengthening to R16.39/$ at the close.

$JSE Nerves were evident on the JSE Top40, with participants attempting to interpret a steady stream of Truth Social commentary from Trump and associates, driving heightened volatility and pronounced price swings. Markets experienced elevated intraday moves, with extreme price action increasingly becoming the norm. There were, however, selective pockets of strength as investors sought to capture dividend opportunities ahead of a highly uncertain backdrop, with the 48-hour deadline for Iran approaching. Sasol benefited from firmer oil prices, while the broader market absorbed selling pressure. On the stock level, Sasol led the gains, with support also seen in South32, BTI and select financials, while the downside was dominated by platinum and gold counters, with Impala Platinum, Gold Fields and Valterra Platinum among the weakest performers. Firstrand provided an update on the MotoNovo car finance ruling, announcing an additional £510m provision, bringing the total to £750m. Roughly R23bn traded on the day, with the rand at R16.88/$ at the close.

$FSR FirstRand UK Motor Finance Update • FCA redress scheme impact above expectations despite some mitigations • Scheme viewed as disproportionate and unfair vs UK Supreme Court case-by-case ruling • Broader contract inclusion + non-loss-based redress can result in lending not covering costs • 3% minimum interest floor materially increases redress costs • Additional provision £510m (~R11.9bn) → total £750m (~R17.7bn) vs £275m profits over >10yrs • Larger-than-expected portion relates to post-2021 business • MotoNovo requires recapitalisation, constraining UK growth • Capital ratios remain above targets; dividend maintained (pre-provision basis, within cover) • FY normalised earnings -10% to -15%; ROE below target range • UK consumer finance no longer meets return/risk criteria → orderly Aldermore ownership transition planned @sharenetsa

The JSE Top40 rebounded off intraday lows, having traded down as much as 3% during the session, to close 0.5% lower on the day, with approximately R25bn traded. Sasol was in favour early on, supported by higher oil prices following Trump’s comments overnight, before reversing to close just off the day’s lows. Sentiment improved into the close following reports that Iran’s Deputy Foreign Minister Gharibabadi announced post-war consultations with Oman regarding a safe passage protocol for the Strait of Hormuz, aimed at ensuring security, preventing further aggression and stabilising the region. The rand traded at R16.89/$ at the close.

$EXX EXXARO SECURES NEW LONG-TERM MATLA COAL SUPPLY AGREEMENT WITH ESKOM •New CSA effective 1 April 2026 to 30 November 2043 replacing agreement expired 30 June 2023 •~9.3Mtpa supply from Matla Colliery to Matla Power Station •Mining Right and Integrated Water-Use Licence renewed in 2025 •R5.2bn Matla Life-of-Mine expansion targeted for completion in H1 FY2026 @sharenetsa

$BHG BHP Silver Streaming Deal (Antamina, Peru) BHP completes silver streaming agreement with Wheaton Precious Metals US$4.3bn upfront consideration received 33.75% of Antamina silver production streamed (90% payable rate) Ongoing payments set at 20% of spot silver price per ounce Stream reduces to 22.5% after 100m ounces delivered Settlement via metal credits (no physical delivery) @sharenetsa

$JSE Top 40 The JSE Top40 advanced by nearly 2.5%, with approximately R36bn traded on the day. Gains were led by precious metals and mining, particularly gold counters, alongside broad strength in SA resources and basic materials. NPN/PRX also traded firmer, supported by Tencent, which rose 2.6% during the Asian session. Sasol was a notable detractor, declining more than 9% as oil prices retreated sharply, with US markets drawing comfort from Trump’s comments, triggering a short squeeze overnight. The majority of counters closed higher, with only limited profit-taking evident in select names. The rand strengthened to R16.76/$ at the close.

$JSE The JSE top 40 got off to a strong start, closing up 1.4% with the majority of stocks ending in positive territory. Resources, general miners, golds and plats once again led the rally. The dollar gave back some of its recent gains, with the rand trading at R17.06/$ at the close. The Trump administration’s proposed rules to open up retirement plans to alternative assets, allowing private equity and cryptocurrencies to be included in 401(k) accounts, appear to be supporting markets by broadening the pool of structural demand for these asset classes as retirement allocations begin to incorporate them.

#FuelPrice Official: New pump prices for April 2026 will apply from midnight tonight - the new prices include the R3.00 per litre temporary relief on the fuel levy announced earlier today

$DTC Datatec FY26 Trading Update -Group gross profit expected +10% YoY to ~US$998m (FY25: US$910m) -Westcon International: US$499m (+13%) -Logicalis International: US$386m (+8%) -Logicalis Latin America: US$105m (+1%) -Corporate & Management Consulting: US$8m (flat) -Shift to net accounting for software/services impacts revenue comparability; gross profit preferred metric -Unaudited; not reviewed by external auditors -FY26 results expected ~26 May 2026 @sharenetsa

$REMREM: REM: Mediclinic Restructure • Remgro to acquire 100% of MCSA (Southern Africa) • IHL to acquire 100% of Hirslanden (Switzerland) • Both valued at USD950m (1:1, locked-box 30 June 2025) • Purchase prices subject to leakages/accrual adjustments • Cash equalisation if adjusted values differ • Loan accounts distributed and extinguished on settlement • No cash proceeds if both legs equal value • If MCSA fails: Remgro receives 50% of adjusted Hirslanden value (cash dividend) • If Hirslanden fails and Remgro proceeds: funds 50% of adjusted MCSA value • Remgro & IHL retain 50% in EHH and Spire Healthcare • MCSA: ZAR989.5m PAT, ZAR16.758bn net assets (6m to Sep 2025) • Hirslanden: CHF28.4m PAT, CHF1.529bn net assets (6m to Sep 2025) • Category 2, subject to approvals, long stop 30 Sep 2027 @sharenetsa

$JSE The JSE ended the day up 0.70%, with resources, golds and PGMs driving the market higher. Comments from Fed officials indicating that US private credit risks are not severe enough to alter the policy stance, alongside views that the global oil market remains well supplied, supported an improvement in risk appetite. Trump commented that ''the US is in serious discussions with a new and more reasonable regime to end military action in Iran.'' Banks and retailers lagged on the day, with NPN/PRX also out of favour. The market’s strength may partly reflect 60/40 rebalancing flows, where institutional portfolios adjust back to target allocations following recent moves, potentially driving systematic equity buying and bond selling into period-end and providing underlying support despite broader uncertainty. Roughly R31bn traded on the day, with the rand at R17.20/$ at the close.

🇺🇸U.S. TREASURY IN COMING WEEKS WILL BEGIN SERIES OF MEETINGS WITH DOMESTIC AND INTERNATIONAL INSURANCE REGULATORS ON RECENT DEVELOPMENTS IN PRIVATE CREDIT MARKETS - SOURCES TREASURY OFFICIALS SEEK REGULATORS' FEEDBACK ON RISING USE OF FUND-LEVEL LEVERAGE, AND ON LIQUIDITY OF INVESTMENTS IN PRIVATE CREDIT MARKETS - SOURCES TREASURY OFFICIALS ALSO SEEKING FEEDBACK ON CONSISTENCY OF PRIVATE CREDIT RATINGS AND USE OF OFFSHORE REINSURANCE BY PRIVATE LENDERS - SOURCES FIRST TREASURY MEETING WITH REGULATORS EXPECTED TO BE ANNOUNCED AS SOON AS WEDNESDAY; MEETING'S OUTCOME WILL INFORM DIRECTION OF REGULAR FUTURE MEETINGS - SOURCES (mktnews.com/flashDetail.ht…)

$JSE Risk-off sentiment persisted on the JSE, with most sectors trading under sustained pressure for the majority of the session before the Top40 rebounded in late trade. Global markets remain on edge, weighing the probability of either a negotiated outcome or potential military escalation involving the US and its allies in Iran. Oil prices rose despite Trump extending a pause in attacks on Iran’s energy infrastructure, underscoring the market’s sensitivity to shifting geopolitical developments. The prolonged nature of the conflict and elevated uncertainty are increasingly being reflected in asset prices, with investors factoring in broader cross-asset and cross-border implications should disruptions persist. The largest weighted constituents of the Top40 led the downside for much of the day, with golds, PGMs, banks and retailers under notable pressure, although the late recovery helped narrow losses. On the stock level, BID, BHP and Glencore featured among the day’s best performers, while Prosus, Naspers and Richemont lagged, alongside broader weakness in MTN, Vodacom and Northam. Roughly R25bn traded on the day, with the rand at R17.06/$ at the close.

$JSE The JSE Top40 tracked the global risk-off tone, trading in negative territory for most of the session amid broad-based selling pressure driven by escalating tensions in the Middle East and ongoing disruption to the Strait of Hormuz, a key global energy supply route, before recovering into the close. Oil prices have surged back above $100/bbl, with Brent around $105, fuelling inflation concerns, while the geopolitical oil shock has seen markets increasingly price in tighter financial conditions and slower global growth should disruptions persist. South Africa’s central bank held interest rates steady as it assesses the impact of the global oil-price shock linked to the Iran war. Despite the broader weakness, there were selective pockets of strength with Shoprite the standout performer, alongside gains in Sasol and Mondi, while renewed interest in Optasia following Firstrand increasing its stake in $OPA to 26.1%. However, the market remained under pressure overall, with Anglo American the worst performer, alongside weakness in platinum counters including Valterra , Impala and Northam, while NPN/PRX also contributed to the negative print. The dollar was firmer on safe-haven demand, while gold softened and crypto traded weaker. Roughly R25bn traded on the day, with the index closing down 1.6% and the rand at R17.00 / $.

$SBK STANDARD BANK CMD (2026–2028) • HEPS growth: 8%–12% p.a. • Revenue growth: 7%–10% p.a. • ROE: 18%–22% • Cost-to-income ratio: <50% • Credit loss ratio: 70–100bps • CET1 ratio: >12.5% • Dividend payout ratio: 45%–60% • Entering period from position of strength • Delivered on prior targets (since 2021) • Focus on disciplined capital allocation • Investing in technology, payments and AI • CMD webcast at 13h00 SA time • Forward-looking statements subject to risk and uncertainty • Information not reviewed by external auditors @sharenetsa

$FSR FirstRand Increases Stake in Optasia to 26.1% FirstRand (FSR) acquired 74.1m Optasia shares (6% of issued share capital) Purchase price of R20.00/share, total consideration ~R1.48bn Shareholding increases from 20.1% to 26.1% post-transaction Shares sold by Zoey Enterprises (associate of Bassim Haidar) Bassim Haidar’s indirect stake reduces to 1.5% Lock-up waiver granted to enable the transaction Settlement expected on or about 30 March 2026 @sharenetsa

$JSE TOP40 The JSE Top40 responded positively to headlines suggesting a potential de-escalation or ceasefire in the Middle East, with markets pricing in a resolution to the conflict and most indices trading higher on the day. The index rallied sharply in early trade, gaining over 4% before paring some of those gains after reports that Iran had not accepted the US-proposed 15-point plan and ceasefire, highlighting the sensitivity of risk assets to shifting geopolitical headlines. The advance was broad-based across most sectors, with gold and platinum counters contributing the most to the upside, supported by firmer underlying commodity prices. Very few stocks ended the day on the back foot, with Sasol down 1%. Roughly R31bn crossed the tape ending the day up over 3%, with the rand trading at R16.88/$ at the close. ( Reports of Iran Nuclear plant being attacked as I pen this note )