This fortnight on Sens has been humming with activity, ranging from heavy insider buying and reshuffles to notable changes in institutional holdings.
Lighthouse Properties stood out. Director Des de Beer, via associate entity Delsa Investments, picked up more than 7-million shares across four days, spending just over R53m in total. The consistent, high-volume purchases at prices just under 770c suggest De Beer sees real value at these levels and possibly thinks the share price is too low.
KAP, Momentum Metropolitan, Shoprite, Ascendis Health and York Timber all saw director-level buying — typically modest in scale but often regarded as a signal of personal conviction. Momentum’s executives, for instance, scooped up shares on two consecutive days, perhaps seeing value in the insurer’s current valuation amid persistent macroeconomic volatility.
At private equity investor EPE Capital, an associate of director Michael Pfaff purchased 310,294 ordinary shares for R1.55m — noteworthy given that EPE’s shares have underperformed over the past year. Could this mark a pivot in the private equity firm’s value-unlock prospects?
One rare sell came from Spur Corp COO Kevin Robertson, who offloaded 13,375 shares, cashing in just over R421,000. It’s a lone negative flag in an otherwise green fortnight, but a director selling doesn’t always mean pessimism. Timing, tax planning or diversification may be in play.
Institutional players have also been on the move. The Public Investment Corp (PIC) increased its stake in Capital Appreciation to 25.007%, now holding a quarter of the company. While PIC’s size alone often forces it past disclosure thresholds, the move reflects continued interest in fintech-themed plays.
Peresec made a splash at Blue Label Telecoms, acquiring an 11.81% stake, which positions it as a major player in the company’s investor base. Other notable shifts include Ninety One creeping past the 5% mark in Northam Platinum, Allan Gray doing the same at Astral Foods, and Fairtree nudging above 5% at Truworths International. Meanwhile, Foord Asset Management crossed below 5% in Omnia Holdings, possibly trimming exposure as commodity-linked stocks face margin pressures amid fertiliser price declines.
Rounding out the fortnight’s activity was a strategic announcement from Cashbuild, which is acquiring a 60% controlling stake in Allbuildco Holdings — owner of the Amper Alles hardware chain — for R93m. The acquisition positions Cashbuild for growth beyond its traditional customer base, tapping into formal and informal contractor markets in underserved areas.
A2X
The top moves on the A2X this week were made by usual suspects Prosus, with R1.2bn trade value (or 17.38% market share), and Remgro (R162.8m, 12.5%), followed by Woolworths (R139m, 11.3%); Investec (R110.9m, 10.6%) and Sanlam (R219.9m, 10.54%).
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