Weekly summary of Merger & Acquisition activity by South African companies.

In this deep dive, I look at the recent results of Absa and Standard Bank. There's much to learn from these financial services giants, but there's one clear theme that came through for me: though Africa may tell a great story in a slide deck, the South African businesses are still doing the heavy lifting.

Kumba is a victim of the rand (and several other things). A big step forward for Nedbank in East Africa. Reinet's underperformance vs. British American Tobacco is incredible to witness. Sasol's business performance metrics for FY26 look encouraging.

Several SA banks have enjoyed a ratings upgrade from Fitch. A new bidder has emerged for Mantengu's Blue Ridge Platinum. PKMI's bid for MAS shares ended in a puff of smoke and not much else. Oando is a vertically integrated energy company that nobody talks about.

There are encouraging signs at Exxaro based on recent commodity prices and sales volumes. Gold Fears is trying to allay fears about the Tarkwa mine in Ghana. Standard Bank had a slower second quarter, but the full-year guidance is intact for now.

Fairvest's capital raise made me wonder about the property cycle. Mondi is really struggling at the moment. Impala Platinum's latest quarter looked decent. Hulamin is selling the extrusions business.

Capitec looks unstoppable. BHP and South32 released important production updates. Spear REIT is raising R1 billion. Standard Bank is enjoying double-digit growth. Quilter is doing well in 2026. Stor-Age announced a small deal. AECI found a whoopsie in the financials.

There's hope for Merafe, with Eskom agreeing to terms and conditions for the proposed special electricity tariff. Optasia has locked in significant debt funding to support its growth ambitions over the next few years.