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Market View

J200 114,830.00 +1.04% J203 123,022.00 +0.97% J210 142,480.00 +2.94% J211 132,534.00 +0.07% J212 27,091.00 -0.20% J213 146,709.00 -0.06%

Winning Shares (Top 5)

Code	Name	Added	Price	Latest	% Gain	% Gain/Year
SUR	SPURCORP	2023-08-08	2488	4039	+62.34%	+24.55%
ADH	ADVTECH	2023-08-14	1975	3961	+100.56%	+39.85%
CGR	CALGRO-M3	2023-08-15	356	530	+48.88%	+19.39%
CAA	CA-SALES	2023-08-25	775	1500	+93.55%	+37.52%
CPI	CAPITEC	2023-11-04	185496	472787	+154.88%	+67.38%

Opinions (Top 5)

Code	Name	Date	Action
SPP	SPAR	2026-02-23	View Spar (SPP) runs a chain of supermarkets across Southern Africa with 2402 stores. It also operates the Build-It chain in hardware and building materials and the Tops Liquor chain. It has operations in Southern Ireland under the name "BWG" which operates through 1392 stores and the Spar chain of 388 stores in Switzerland. As a group, Spar is a very serious competitor in the South African retail industry, making extensive use of franchising to expand its network. The development of the new Polish enterprise has been frustrated by COVID-19. Its diversification into Ireland and Switzerland gives it a solid rand-hedge component which does not appear to be reflected in its multiple. In its results for the 52 weeks to 26th September 2025 the company reported comparable group revenue up 1,6% and gross profit up 3,3%. Headline earnings per share (HEPS fell to 795,8c from the previous year's 896c. The company said, "Group net debt reduced by 40% to R5.4 billion for the 52 weeks ended 26 September 2025 ("Current period") compared to R9.1 billion for the 52 weeks ended 27 September 2024 ("Prior period"), with net debt leverage at 1.74x at year-end." In our view, the share is now under priced at current levels and represents something of a bargain. It would be best to wait until it breaks above its long-term downward trendline before investigating further. On 11th June 2025 Business Day reported that Spar's CEO, Max Oliva, had resigned with effect from 1st July 2025. On 9th September 2025 the company announced the sale of Spar Switzerland for R1,025bn which will be applied to reducing debt. On 20th February 2026 the company announced that Angelo Swartz had resigned as CEO with effect from 28th February 2026 and will be replaced by Reeza Isaacs. The news caused the share price to fall.
ANG	ANGGOLD	2026-02-23	View Anglogold Ashanti (ANG) is an international gold producer which used to have operations in South Africa (the last of which, Mponeng, has now been sold), and still has assets in the DRC, Tanzania, Ghana, Mali and the US. It had some significant problems in bringing the Obuasi mine into production and the problems with the Tanzanian government over royalties. The company has 14 operational mines. Anglogold has retained its listing on the JSE despite having no South African assets. On 14th July 2021 the company announced that it had acquired Corvus Gold for R5,4bn in cash to extend its exploration in Nevada USA. This is a relatively marginal, short-life (11 years) gold mine with rising costs, falling grades and a volatile gold price. In its results for the year to 31st December 2025 the company reported that its cash flow had tripled to a record $2,9bn while gold production had increased by 16% and there was a 45% increase in the average gold price received. The company said, "Adjusted EBITDA* was a record $6.3bn in 2025, while headline earnings(4) increased 186% year-on-year to $2.7bn for the year (from $1.0bn in 2024), reflecting higher realised gold prices, production growth and disciplined cost control. An interim dividend of $875m, or 173 US cents per share, was declared for Q4 2025. The payout comprises 50% of free cash flow". Technically, the share has been rising since March 2024 in what looks like a volatile upward trend. On 10th September 2024 the company announced that it had made an offer for 83,6% of Centamin in Egypt for 0.06983 Anglogold shares and $0,125 in cash. The announcement caused ANG's share price to fall. On 2nd June 2025 the company announced that it had sold Mineração Serra Grande mine for cash of $76m. On 16th July 2025 the company announced that it had acquired 100% of Augusta Gold for C$1.70 a share which, "...reinforces the value we see in one of North America's most prolific gold districts." This share remains a speculation on the gold price - which is very strong at the moment.
AGL	ANGLO	2026-02-23	View With Anglo American (AGL), the risk normally associated with commodity stocks is mitigated in two ways. Firstly, the company has diversity of different minerals which reduces the impact of any one mineral entering a bear trend. Secondly, the traditional mechanism to avoid risk is to have a very strong balance sheet with plenty of headroom. That way, if things turn bad, you can ride out the storm. Anglo has such a balance sheet. Anglo describes itself as a globally diversified mining company with a portfolio of world-class mining operations and undeveloped resources. It is true that commodity prices as a group tend to move in trends, and since the beginning of 2016, that trend has been steadily upward until the corona virus caused markets to fall into a new downward trend in March 2020. The upward trend has now resumed, with a strong recovery already taking place. We believe that the boom in commodity prices is continuing. Commodity prices will be driven on by the economic expansion which began in America and spread to Europe and the EaSt. Of course, the conflict in Ukraine is pushing commodity prices up, especially precious metals, because of the heavy sanctions on Russia. One of the factors holding the company back has been the poor availability of Transnet’s rail service, especially at Kumba. Its restructuring will leave it with Kumba and its manganese interest in South Africa. In its results for the year to 31st December 2025 the company reported revenue up 5% and earnings per share (EPS) down 28%. The company said, "Strong production and cost performance from continuing operations, delivering: Underlying EBITDA* of $6.4 billion (2024: $6.3 billion) and EBITDA margins* of 49% in Copper and 43% in Premium Iron Ore". On 10th September 2025 the Business Day reported that Anglo had merged with the Canadian copper miner Teck. Anglo will own 62,4% of the merged company. Anglo shareholders will get a dividend of $4.5bn as part of the deal. The news pushed Anglo shares up by 9% on the day. Technically the share has entered a new strong upward trend since September 2025, probably mainly as a result of the merger with Teck. We expect it to continue performing well, but it remains a volatile commodity play.
DCP	DIS-CHEM	2026-02-23	View Dis-Chem Pharmacies (DCP) listed in November 2016 and competes directly with Clicks (CLS) in the pharmaceutical, medicine and beauty products markets. It is a family business run by the Saltzman family who had a controlling stake in the business through a private company, Ivlyn. On 24th August 2021 Ivlyn announced the sale of 7,5% of its shares in a bookbuild, 3,75% to selected management (with a 10-year lock-in) and 10,5% to a BEE consortium. This left the Saltzman family's interest at 31.4% which has subsequently been reduced to 29,31%. Ivan Saltzman was the CEO, but has resigned and will be replaced by Rui Morais. Dischem's objective on listing was to expand its store base from 108 stores, which it has now far surpassed. Theoretically, Dischem can have a store in every shopping mall where Clicks has a store. Clicks had about six hundred stores when Dischem was listed and has spoken of plans to expand its store base to as many as 1200. This means that Dischem has considerable "blue sky" potential - which accounts for its relatively high rating (P:E of around 24). The company is buying Springbok Pharmacy and Quenets which shows that it is growing rapidly. The company is opening between 10 and 20 new stores a year. At 28th February 2025 the company had 2285 pharmacies and 45 baby stores. It may be possible for the company to expand into spaces left in malls as a result of COVID-19. These may be available for lower rentals. The company is benefiting from an increased awareness among customers of the need to boost their immunity and general health by buying more vitamins. The company is expanding into healthcare insurance with the acquisition of 25% of Kaelo Holdings. In its results for the six months to 31st August 2025 the company reported revenue up 8,7% and headline earnings per share (HEPS) up 9%. The company said, "During the six months to 31 August 2025, 17 retail pharmacy stores were opened, resulting in 302 retail pharmacy stores and 44 retail baby stores as at 31 August 2025". In a trading update for the period from 1st September 2025 to 16th February 2026 the company reported group revenue up 10,1% and retail revenue up 9,5%. The company said, "We experienced a solid trading performance during the period, notably on the back of the launch of our reimagined loyalty programme, Better Rewards, which launched on 21 October 2025". In our view, this is a solid blue-chip company with a good future. Technically, the share moved sideways and downward since making a long-term "triple top" with peaks in January 2018, April 2022 and November 2024. It is now moving up again, and has just broken above the long-term resistance at 3750c per share. We consider Dischem to be a solid defensive share with good long-term potential, but it has shown itself to be technically volatile.
SSW	SIBANYE-S	2026-02-23	View Sibanye (SSW) is a mining house which has been on a rapid acquisition trail accumulating platinum and gold mines in South Africa and America and is now broadening its scope to include base metals and minerals, especially so-called "green" metals. The company was run by Neal Froneman who is well-known in the mining industry for his toughness, expertise, and experience. Froneman retired in about 2024. Sibanye is also considering moving into the base minerals used in motor vehicle batteries like vanadium, copper, nickel, and lithium. On 1st June 2021 the company announced a share buy-back program to repurchase up to 5% of its issued shares. On 3rd July 2024 the Business Day reported that Sibanye had retrenched 11000 workers over a period of 18 months. In its results for the year to 31st December 2025 the company reported revenue up 14% and headline earnings per share (HEPS) up 281%. The company said, "Solid operational performance with all operations achieving annual guidance - Favourable precious metals tailwinds drive improved profitability - Renewable energy leader in SA mining – R93.2m savings and 316,440 tCO2 avoided emissions". Technically, the share was in a downward trend from March 2022 mainly because of falling commodity prices. That was followed by an "island" formation with a double bottom in September 2024 and February 2025. Since then the share has been in an upward trend and was added to the Winning Shares List (WSL) on 21st May 2025 at 2404c. It has since risen to 6308c (120-2-26). CEO, Neal Froneman retired on 30th September 2025 and was replaced by Richard Stewart. On 21st July 2025 the company announced the acquisition of a US refinery and metal recycler, Metallix for $82m in cash. Technically, the share is now in a strong upward trend which we expect to continue. On the 10th of November 2025 the company announced that it had reached a settlement with Appian to pay it $215m.

Winning Share: CPI

Opinion: AGL

AngloGold Ashanti (2026-02-23)

It is no secret that precious metals prices have been running. Most of the best-performing shares on the Winning Shares List (WSL) are mining companies with interests either in gold or platinum group metals (PGM). Gold in particular has dominated the investment world. The metal has risen 145% in US dollars since it broke up through resistance at $2060 at the beginning of March 2024, as reported in the Confidential Report of that month. Consider the chart:

Price of Gold in US dollars : September 2023 - 20th of February 2026. Chart by ShareFriend Pro.

As you can see here the break above resistance at $2060 sparked a strong upward trend. There was another period of resistance at $3424 in the middle of last year which was finally broken to the upside in early September. Gold may now, once again, be in for a period of consolidation, but the trend is clear.

The rising gold price is primarily due to central banks choosing to buy and hold gold as their most secure asset, rather than US Treasury Bills, despite the fact that gold offers no return. This is a testament to the rising levels of perceived geo-political risk in the world and gold’s ancient and undisputed status as the world’s most secure asset.

AngloGold has been a great beneficiary of the rising gold price. In its latest financials for the year to 31st December 2025, the company reported a 16% increase in production combined with a 45% increase in the average gold price received. Costs were flat in real terms which generated a massive 186% increase in headline earnings.

The company's total cash costs increased 7% over the year to $1242 per ounce with all-in-sustaining costs (AISC) of $1709 – against a gold price of over $5000. This is an immensely profitable company. Total dividends paid for the year amounted to $1,8bn or 357c (US) per share – which is R57.19.

The company was originally formed to consolidate the gold interests of Anglo American in South Africa. Those interests included ERGO, Eastvaal, Southvaal, FreeGold, Elandsrand, Joel and Western Deep. Today, AngloGold owns no South African mines at all. It has 11 mining operations on 4 continents, and it has moved its head office to New York and its primary listing to the New York Stock Exchange (NYSE). Given that South Africa still has more than 5000 tons of proven underground gold reserves, this is a sad reflection of ANC’s hostile attitude towards the mining industry in this country over the past 30 years and what that has cost us.

We added AngloGold to the WSL on 5th March 2024 at a price of 38932c – mainly because we could see that gold was breaking up through that key level at $2060. Since then the share has risen to 179102c – a gain of almost 340% in 718 days or 172,6% per annum. Consider the chart:

AngloGold Ashanti (ANG) : February 2024 - 20th of February 2026. Chart by ShareFriend Pro.

AngloGold is constantly adjusting its portfolio, adding exciting new gold prospects while divesting itself of non-performing assets. During 2025 it acquired Centamin which is proving to be a great addition. It also made three further acquisitions in Nevada. These acquisitions have increased the company’s mineral reserve to 36,5 million ounces – a 17% increase on 2024. This means that the company will be able to continue mining profitably for many years, especially considering its very low cost of extraction.

In our view, this share is speculative because it is dependent on the international price of gold over which it has no control. But it is geographically diversified and extremely well managed with relatively low costs and minimal debt. We believe that it will continue to perform well.

Hudaco Latest Financials (2026-02-16)

In their latest financials for the year to 30th November 2025 Hudaco describes itself as “...a South African group specialising in the importation and distribution of a broad range of high-quality, branded automotive, industrial and electronic consumable products, mainly in the southern African…

It has long been one of our favourite shares on the JSE and we have written two articles extolling its virtues the first on the 7th February 2021 and the next on the 14th of February 2022. It is essentially an investment in the growth prospects of the South African economy. It is not a dramatic performer, but rather a company that is growing steadily both organically and through careful bolt-on acquisitions.

It is well worth taking the time to read their latest financials for the year to 30th November 2025. The fundamentals revealed in their figures should make any investor in their shares feel happy.

Their turnover for the year increased by 4,4% - which is barely above the inflation rate but still shows growth in real terms. What is impressive, however, is that out of that turnover, they managed to increase their operating profit by 8,9% and their headline earnings per share by 15,7% - and this is after taking a R104m goodwill impairment. Their return on equity (ROE) for the whole group was 17% and would have been 19,5% without the impairment. This shows that they kept costs tightly controlled while improving efficiencies across the board – in other words, that they have excellent management.

During the year the company made two acquisitions – Isotec and Flosolve – both of which have now been integrated into the business. Their results are only included for six and seven months respectively – so we can expect them to have a much greater impact on the current year’s results.

Consider the chart:

Hudaco (HDC) : October 2020 - 13th of February 2026. Chart by ShareFriend Pro.

The chart shows that following COVID-19, Hudaco reached a low point of 5616c on 25th May 2020. Since then it has been rising steadily. We wrote about it in our article on 7th February 2021 by which time the share has reached 10046c and then again, a year later, on 14th February 2022 when it was at 15762c. Since then, the share has climbed to 20680c and looks poised to go higher.

This business supplies a variety of products to the mining industry and so is benefiting indirectly from the rising prices of platinum group metals (PGM), gold and copper. They are also benefiting from the on-going reduction of interest rates and the falling cost of petrol in South Africa which directly impact on the profits of their customers.

The current price/earnings ratio (P:E) is only 8.9 which is roughly half of the JSE’s average P:E of 16,8. This shows that its value is not yet fully appreciated by institutional investors. With an average daily volume traded of more than R3,5m, Hudaco is certainly more than adequate for private investor requirements and can now accommodate small institutional investments comfortably.

We expect this share to continue to grow, especially considering its proven track record of conservative and effective management combined with its policy of making regular bolt-on acquisitions. If you are positive about the prospects of the South African economy in the medium term, then this share is well worth your consideration.

Datatec (2026-02-09)

Many private investors shy away from IT shares because they can be difficult to understand. Their business models are often highly complex making it problematic to accurately assess their fundamental risk. Datatec is an international IT and telecommunications company with operations in more than 50 countries world-wide which makes it even more challenging as an investment. My response to this type of complexity is to look at the results and the people involved.

In its results for the six months to 31st August 2025 the company reported gross invoiced income up 9,4% and headline earnings per share (HEPS) up 109,5%. Clearly, this company is growing its turnover while at the same time hugely improving its operational efficiency.

Because of its international footprint, Datatec offers the investor a rand-hedge. It is also obviously benefiting from the world-wide move towards artificial intelligence (AI). It makes a gross margin of 26.3% and its operating costs are coming down. By bringing down its net debt the company has reduced its finance costs by 27.1%. From an investor’s perspective this makes buying the shares far less risky. Companies with plenty of “headroom” have the cash to avoid problems and take advantage of opportunities.

Its business is divided into three main divisions - technology distribution through Westcon International, integration and managed services through Logicalis, and consulting and financial services through Datatec Financial Services and Analysys Mason.

Consider the chart:

Datatec (DTC) : April 2023 - 6th of February 2026. Chart by ShareFriend Pro.

The chart shows that Datatec had an extended period of sideways movement between April 2023 and October 2024. Then it began to move up strongly. We added it to the Winning Shares List (WSL) 26th October 2024 at a price of 3950c, when it began showing signs of structural improvement and it has since gone up to 7781 – a gain of 97% in 15 months. We believe it will continue to perform well as AI becomes more ubiquitous.

Jens Montanana is the CEO of Datatec and has been in that position since the company listed on the JSE more than thirty years ago. His drive and energy are what taken the company up to a market capitalisation of R12bn. Montanana says that “...the growth of interconnected digital communities and increased IT complexity drove infrastructure demand in networking and cybersecurity”. Now I will be first to admit that I do not understand the implications of that statement – but I know growth and financial stability when I see it.

The rapid rise of artificial intelligence (AI) has forced businesses to implement the technology within their operations if they are to remain competitive. Datatec is riding that wave.

Obviously, this is a company which is dominated by Montanana and that does make it vulnerable to his inevitable retirement at some stage. However, we believe that Datatec has built a very solid international; presence which will continue to provide it with growth opportunities in the future whoever is in charge.

It is not one of the fastest growing shares on the JSE, but it has been a very steady performer since we added it to the WSL.

JSE Top 40

114,830.00 (+1.04%)

All Share

123,022.00 (+0.97%)

Financial 15

27,091.00 (-0.20%)

J200

J203

J212

Top Gainers

#	Code	Name	Close (c)	% move
1	EUZ	EUROMET	29	+38.10%
2	APH	ALPHAMIN	1585	+9.31%
3	DRD	DRDGOLD	5795	+9.20%

Top Losers

#	Code	Name	Close (c)	% move
1	CCC	CILOCYBIN	170	-14.14%
2	ACT	AFRO-C	92	-11.54%
3	QFH	QUANTUM	874	-7.90%

PDSNET Market Snapshot