There have been many director dealings and institutional threshold crossings on the Sens feeds this April. It’s the time of year when long-term incentive plans are vesting and portfolios are being rebalanced after the end of the tax year. A lot of these changes are administrative or tax-related, but if we look past the usual options vesting, we can see there are a number of big strategic moves happening in the market.
The property sector has been the most aggressive in the past two weeks, notably Emira Property Fund’s planned attack on Octodec Investments. Emira bought a huge 20.17% off-market stake in Octodec for almost R892m through its subsidiary Freestone Property Investments.
Octodec has plenty of money tied up in the heart of residential and commercial areas of Tshwane and Joburg. Emira’s plan is clear and follows the same steps it has taken in the past: buy strategic cornerstone stakes in property companies that have a lot of assets but are trading at a big discount to their NAV. Interestingly, as Emira backed up the truck, Old Mutual headed for the exit, cutting its Octodec stake to a tiny 0.02%.
In the UK-SA dual-listed property market, Hammerson, a retail landlord known for its high-end destination centres, saw some institutional changes. Coronation Fund Managers went over the 9.97% voting rights limit, and global player BlackRock raised its total holding to 7.63%.
The resource sector also saw compelling institutional repositioning. Ninety One increased its bet on Harmony Gold, crossing the 5.2% threshold. With bullion’s persistent strength throughout early 2026, institutional appetite for Harmony’s highly leveraged, unhedged gold exposure remains remarkably robust.
Old Mutual wasn’t just selling property; it was shopping for fashion
Pan African Resources chair Keith Spencer sold 1-million shares on the market for about £1.57m — a good way to make some money. Before retail investors freak out about an insider leaving, it’s important to remember that Spencer still has a healthy 2-million shares, which means he has enough skin in the game.
Up in the platinum group metals and chrome sector, Jubilee Metals Group caught the eye of renowned UK stock picker Mark Slater. Slater Investments breached the 10.99% voting rights threshold, signalling a vote of confidence in Jubilee’s model across South Africa and Zambia.
Old Mutual wasn’t just selling property; it was shopping for fashion. The institutional giant acquired a new 5.05% beneficial interest in Truworths, suggesting a hunt for robust dividend yields despite ongoing pressure on the South African consumer’s wallet.
Lebashe Investment Group, a large black-owned investment firm and a major player in the empowerment space, told the market it was selling Capitec securities. This brought its total interest down to 3.85% of the bank’s total issued ordinary share capital.
Electrical cable manufacturer South Ocean Holdings saw consistent open-market buying from an associate of director Johannes van Rensburg, scooping up 130,000 shares for a combined R130,000 over two days. Similarly, construction group Stefanutti Stocks noted Apex Partners Holdings — the majority shareholders in The Financial Mail Group — crossing a beneficial interest threshold to take a 5.82% stake, adding an intriguing layer to the infrastructure group’s ongoing recovery narrative.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.