Shares of property developer Calgro M3 had their best day in more than a month on Monday, after it flagged about a ninefold rise in profit for its year to end-February, a clear sign of robust demand for low-income housing in SA.

Headline earnings per share will be between 104.87c and 106.39c in the year to end-February, the group said in a trading update, an up to 801.3% improvement from the prior period’s loss of 15.7c...