Another fortnight has passed and, with it, a fresh flurry of director dealings, shareholder shuffles and A2X statistics to dissect.
Clients of large fund manager Ninety One have collectively acquired a 5% interest in mining conglomerate African Rainbow Minerals (ARM) ordinary shares. ARM, controlled by empowerment pioneer Patrice Motsepe, operates in sectors ranging from platinum group metals to iron ore.
This acquisition by Ninety One suggests a bullish outlook on the mining sector, possibly anticipating not only favourable commodity prices but also improved routes to main markets via improved rail links and more efficient ports. The move by Ninety One might not entirely surprise FM readers. The Hot Stocks edition at the start of the year quoted Ninety One’s deep-value doyen, John Biccard, as favouring “domestic” resource stocks — most notably ARM, Thungela and Exxaro.
Staying in the broader mining sector, Afrimat nonexecutive director Loyiso Dotwana saw shares sold by his associate, Mega Oils. On February 26, 33,300 shares were transacted. Afrimat, operating in mining and construction materials, has been expanding its commodity portfolio. This sale could be a strategic move for portfolio rebalancing or liquidity needs.
Meanwhile, the Public Investment Corp (PIC) increased its beneficial interest in leading poultry producer Astral Foods to 26.97%. The company has faced challenges such as rising feed costs and fluctuating consumer demand. But the PIC’s substantial stake suggests confidence in Astral’s resilience and long-term profitability, potentially expecting a recovery in the consumer goods sector.
The PIC also increased its stake in Grindrod to 20.183%. Grindrod, which specialises in logistics and freight, plays a crucial role in regional trade. The PIC’s investment may indicate optimism about infrastructure development and intra-African trade growth. Grindrod shares retreated abruptly after the unrest that followed elections in Mozambique. So, this is perhaps a timely incursion by the PIC.
Titan Premier Investments, associated with director and retail tycoon Christo Wiese, made notable purchases in Brait. Brait, an investment holding company with interests in health and fitness chain Virgin Active and consumer brands group Premier, has undergone restructuring to streamline operations.
Christo Wiese’s ongoing investment in Brait suggests growing confidence in its turnaround strategy and growth prospects
Wiese’s ongoing investment in Brait suggests growing confidence in its turnaround strategy and growth prospects. Given his track record, this move might attract other investors seeking opportunities in undervalued assets — even if Brait’s discount to intrinsic NAV has narrowed markedly over the past six months.
Other noteworthy deals included director buying at motor dealership group Motus, as well as a smattering of buying (1,000 shares to be exact) at agri-services business KAL Group by CEO Sean Walsh.
Perhaps more intriguing was KAP nonexecutive director Johan Holtzhausen — better known as the boss of PSG Capital — snapping up almost R1m worth of shares in the industrial hub, only days after the release of some promising results.
One small, but perhaps notable, sale was by Kennett Sinclair, the CEO of agribusiness collective Crookes Brothers. Sinclair sold 6,000 shares at R32 each. Considering the discount the share price offers on the group’s sum-of-the-parts value, the sale might prompt some furrowed brows.
On the A2X
In February 2025, market activity showed Peresec Prime Brokers was the most active broker on A2X, handling a whopping 34.7% of activity. RMB Morgan Stanley followed with 25.8%, and SBG Securities with 21.6%.
The A2X highlighted large trades in the last week of February in Bidcorp (R252m, or 17.93% of market share), Richemont (R191m, or 17.68%), Absa (R200.7m, or 16.46%) and Prosus (R606.5m, or 14.02%).
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