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Ok. Got itOn Friday we saw gains across the board which led to the All Share Index closing 1.06% higher, regaining most of the losses posted earlier in the week. The rally in our market was in line with emerging markets globally as the US dollar took a breather. Telkom, Cashbuild and African Rainbow Minerals each gained more than 3.3%, while Naspers added a further 1.92% by the close. On the losing side, Impala Platinum dropped 2.49%, while Sun International and Hyprop fell 2.38% and 1.83%, respectively.
On the company front, Zeder advised shareholders that it expects Headline earnings per share (HEPS) to be between 3.7 and 4.9 cents, or between 65.7% and 74.1% lower in the six-month period ended 31 August 2017 compared to the prior corresponding period. Zeder further indicated that its sum-of-the-parts (SOTP) value as at 26 September 2017 was R7.17 per share. Taste Holdings showed in a trading statement for the period ended 31 August 2017 that it expects its loss per share to be between 15.6 cents and 16.6 cents representing a decline of between 69.6% and 80.4% compared to the previous period. Altron advised shareholders that Bytes UK, a wholly owned subsidiary of Altron, has entered into a share purchase agreement to acquire 100% of the issued share capital of Blenheim Group Ltd for £35.9 million.
On the economic front, German retail sales declined by 0.4% month-on-month in August, missing market consensus of a 0.5% rise, while the unemployment rate fell to 3.6%. In South Africa, the M3 Money Supply increased by 6.48% year-on-year in August compared to a 6.81% increase in the prior period, while private sector credit rose 5.98% from a year earlier in August following a 5.71% increase in the previous month. South Africa’s trade surplus decreased to R5.94 billion in August from a revised R9.3 billion surplus in July. Housing prices in the UK advanced 0.2% month- on-month in September which was higher than the consensus forecast of a 0.1% increase. The UK economy expanded 0.3% on quarter in the three months to June of 2017 with an increase of 0.5% in business investment to £45.7 billion. The eurozone consumer price inflation came in at 1.5% in September, unchanged from the previous period. In the US, the Chicago PMI increased to 65.2 in September from 58.9 in the previous month. The University of Michigan’s consumer sentiment fell to 95.1 from 96.8 in August with inflation expectations increasing to 2.7%. Total value traded for the day was R21.6 billion.