Upcoming Week: Capitec and Clicks Earnings, Alongside Major Miners’ Updates

This week, the market is poised for a wave of results from around the world.

Domestically, we’re focused on:

• Capitec Bank: On Wednesday, the bank will unveil its full-year results. In a trading update for the year ending 28 February 2026, Capitec anticipates headline earnings per share (Heps) between 14,294 cents and 14,890 cents, reflecting a growth of 20% to 25%. This outcome is indicative of a growing client base, increased transaction volumes, and ongoing success in value-added services and Capitec Connect, although it is somewhat dampened by a simplified, lower-fee pricing structure. Better macroeconomic conditions and new credit offerings have fostered stronger lending activity, and business banking is entering a growth phase. Additionally, insurance income surged due to higher uptake of credit life, funeral, and life cover products contributing to increased net insurance income.

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• Clicks Group: The retailer will disclose its half-year earnings on Wednesday. For the 20 weeks ending 11 January 2026, Clicks reported a turnover growth of 7.4% to R19.5 billion, with retail sales increasing by 6% and pharmacy sales by 9%. Performance was hindered by warehouse-related disruptions, which management anticipates will return to normal.

Also on Wednesday, miners BHP and South32 will report their third-quarter sales results.

• BHP: In its interim results for the six months up to 31 December 2025, BHP reported an underlying attributable profit of $6.2 billion, a 22% increase, and underlying earnings before interest, tax, depreciation, and amortisation (Ebitda) of $15.5 billion, with copper now contributing over 50% of group Ebitda for the first time. The management raised its full-year copper production guidance to between 1.9 and 2 million tonnes, declared an interim dividend of $0.73 per share, and announced agreements expected to unlock over $6 billion in cash. The consensus expectation is for half-year revenue for 2026 to be $28.3 billion (a more than 1% increase) and adjusted earnings per share (EPS) of $1.38 (an almost 13% rise).

Read: BHP faces potential $2bn impact from dispute with CMRG, Goldman warns

• South32: Reporting its first-half results, South32 indicated underlying earnings of $435 million and underlying Ebitda of $1.1 billion, representing an operating margin of 28%. The board declared an interim dividend of 3.9 US cents per share and increased its capital management program by $100 million, with $209 million still to be returned. Consensus forecasts for the second half of the year predict underlying revenue at $3.3 billion (a decrease of almost 17%) and EPS of $0.11 (an increase of 11%).

Read: South32 halts operations at Mozambique aluminium smelter

On Thursday, Valterra Platinum will announce its first-quarter sales. In its FY25 results, the platinum major reported a revenue of R158 billion (6.71% year-on-year) and an adjusted EPS of R63.48. The board declared a final dividend, consisting of a base dividend of R6.20 billion and a special dividend of R5.30 billion. Market estimates anticipate a revenue of R37.5 billion.

Read: Valterra’s dividend exceeds expectations following platinum price surge

On the economic front … Is it the calm before the storm for consumers?

Reflecting on data released last week, FNB economists indicated a downward revision to their macroeconomic expectations, influenced by negative shifts in the external environment that have changed the previously anticipated domestic demand trajectory.

“Still, we expect consumer activity to remain a primary growth driver in the short term,” notes the report from the bank.

The South African Reserve Bank Quarterly Bulletin for the last three months of 2025 suggests consumers began 2026 on steadier ground, with household spending regaining momentum after a sluggish 2024.

However, FNB cautions that with wage growth still lacking a clear and sustained upwards trend, the recent improvement in spending momentum is likely attributed to factors outside the labor market, particularly wealth effects and early signs of household re-leveraging, rather than being income-driven.

“That said, the world today is quite different from just two months ago. High-frequency consumer data remains sparse, complicating real-time assessments,” states the bank’s economics team.

“What is available indicates pockets of resilience for now. Whether this trend continues or is merely a calm before a storm remains to be seen.”

On Wednesday, consumer inflation data for March will be released. Annual consumer inflation was reported at 3% in February, down from 3.5% in January. Core inflation increased to 3% year-on-year. Annual headline inflation is now projected to rise slightly in March to around 3.1%, with a monthly pressure of 0.5%.

Read: Kganyago remarks on inflation risks from global conflicts

Also on Wednesday, Stats SA will provide February retail sales data. Retail sales increased in January, registering at 4.2% compared to the same period last year, up from 2.5% in December. Monthly sales volumes rose by 0.9%, reversing the 0.5% decline in the previous month.

The largest contributors to this growth were sales in textiles, clothing, footwear, leather goods, and the “other” category. Overall, volumes increased by 1.3% in the three months ending in January compared to the prior three months, signaling a robust start to 2026.

Read: Hammerson intensifies focus on retail experiences to tackle e-commerce challenges