The real market moves are buried in the fine print, not just the headlines. Every week, a barrage of Sens notices reveals where insiders are placing their bets, and where they’re pulling out.
Aspen Pharmacare has recently taken a knock after the abrupt termination of a significant mRNA manufacturing contract, which led to a sharp decline in its share price. Despite this, an associate of CEO Stephen Saad executed substantial on-market purchases totalling more than R184m in early May. This decisive action suggests a strong belief in Aspen’s long-term value proposition, and that its share price might be undervalued.
Capitec’s marketing and communications executive, Francois Viviers, acquired 719 shares worth about R2.5m on May 6. This purchase aligns with Capitec’s strong financial performance, including a projected 28%-32% rise in headline earnings for the 2025 financial year.
At Lighthouse Properties, director Des de Beer once again indirectly purchased 500,000 shares through Delsa Investments. This acquisition is part of a series of insider buys, reflecting confidence in the company’s strategic direction and its diversified European retail property portfolio.
Not all insider activity was on the buyside. Growthpoint Properties executive director Gerald Völkel sold 152,196 shares totalling R2m on May 2. Director sales happen for various reasons, including portfolio diversification or personal liquidity needs, and do not necessarily indicate a negative outlook. Growthpoint has a relatively small insider ownership of about 0.3%. Standard Bank Group decreased its stake in Growthpoint Properties from 5.13% to 3.13%.
Standard Bank COO Margaret Nienaber disposed of 21,000 shares valued at R4.9m on May 5. While such sales can be routine, they warrant attention given the broader market dynamics.
Busdis, an associate of Dis-Chem director Brian Epstein, sold shares valued at more than R38m in November 2024, though it was only reported in May 2025. The magnitude and timing of the sale suggest it could be linked to wider trends or future developments in Dis-Chem’s operations.
Catalyst Fund Managers has increased its stake in Octodec Investments to 5.07%, signalling strong confidence in the company’s prospects. This move suggests that Catalyst sees Octodec’s diversified property portfolio, which includes residential, retail and industrial assets, as well positioned to capitalise on growth in the South African property market.
Conversely, JPMorgan Chase & Co reduced its holding in Bidvest Group to 4.78%. It is important to note that institutional investors such as JPMorgan regularly adjust their portfolios for various reasons, including risk management, profit-taking or strategic reallocation, which may not necessarily reflect a negative outlook on a particular company.
A2X
Secondary listings continue to gain traction on A2X, where this week’s top traded counters once again reveal strong institutional interest in heavyweight names. Glencore led the charge with R127.3m in value traded, accounting for 16.17% of market share. Close behind, Prosus saw R310.1m traded (12.61%), followed by Absa at R168.6m (12.22%), reflecting sustained interest in South Africa’s banking majors. Investec and Shoprite rounded out the top five with R28.2m (10%) and R62.1m (9.71%).
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