Three JSE Stocks Making Headlines This September

What the latest results mean for AB InBev, Discovery, and Harmony Gold

The JSE All Share Index is at around R117 389. It has risen about 4.8% over the past month, but remains roughly 9% below its March 2026 record. The rand is trading near R15.97 to the US dollar, close to its strongest level in a year.

A stronger rand reduces the rand value of AB InBev’s overseas earnings, has a broadly neutral effect on Discovery and slightly reduces the rand value of Harmony Gold’s dollar-priced gold sales. Let’s look at each company:

Anheuser-Busch InBev (ANH) 

Beer volumes return to growth

Anheuser-Busch InBev, which owns brands such as Budweiser, Corona, Stella Artois and Castle, reported that beer volumes increased 1.1% in the second quarter of 2026. This followed a long period of weak or flat volumes.

Organic revenue increased 5.6%, helped by a 4.2% increase in revenue per hectolitre, meaning more higher-priced beer was sold. EBITDA increased 5.8%, and underlying earnings per share rose 23.4% to $1.21. The company kept its full-year forecast of 4% to 8% organic EBITDA growth.

The share is trading at about R1 374.87, with a potential market move of about 6.8% to approximately R1 480.

The key issue is whether the improvement in beer volumes continues. The next important update is expected in late October. Lower volumes, a stronger rand, and weaker consumer demand in the United States or China remain risks. AB InBev has also reduced net debt to 2.86 times EBITDA, from 4.37 times in 2021.

Discovery (DSY)

Strong results and a profitable bank

Discovery, which operates Discovery Health, Vitality, life insurance and Discovery Bank, reported strong results for the year ending 30 June 2026.

Operating profit increased 17% to R17.75 billion, headline earnings increased 34% to R12.9 billion, and the full-year dividend increased 33% to R3.84 per share.

Discovery Bank was a major highlight. It reported R370 million in profit, compared with a loss previously. Clients increased 26% to 1.6 million, while deposits increased 17% to R27.2 billion.

Discovery is trading at around R259.80. And has the potential to move about 8.1%, to approximately R281 for the month.

The company plans to roll out Vitality AI in the United States during September and launch its “super bank” strategy in October. The main issues to watch out for are whether Discovery Bank remains profitable, whether bad debts increase and how well the new products are delivered. The bank’s advances grew 40%, making loan quality important.

Harmony Gold (HAR)

Record results helped by high gold prices

Harmony Gold reported record results for the year ending in June 2026. Revenue increased 34% to R99.2 billion, net profit rose 102% to R29.5 billion and headline earnings per share increased 87% to 4 363 cents.

The company produced 1.43 million ounces of gold and met its production guidance for the 11th consecutive year. It declared a total dividend of R12.80 per share and generated free cash flow of R17.1 billion.

Harmony is trading at around R331.38. A market scenario in the source material points to a possible move of about 10.6%, to approximately R365.78.

The main driver is the gold price, which is around $4 470 an ounce. Harmony sells gold in US dollars but pays most costs in rand, so a stronger rand can reduce the benefit of a higher gold price.

Harmony is also expanding into copper. Production at the Eva project in Australia is targeted for late 2028, while the CSA mine is expected to reach 40,000 tonnes of copper a year by the 2029 financial year. The projects require significant spending, and Harmony moved from R11.1 billion net cash to R852 million net debt after buying CSA. A fall in the gold price, a stronger rand or delays and higher costs at the copper projects are key risks.

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** This article was prepared by BROKSTOCK analyst Maboko Seabi