Our local bourse started the trading session in positive territory on Tuesday as Naspers & retailers boosted the overall market. The All share continued to trade higher as the day progressed with our market eventually finishing the day stronger by 0.34% at the close. The best performer for the day was the Industrial sector, appreciating 0.83% by market close. Leading the upside were Mr Price and Naspers, climbing by 8.61% and 2.57% respectively. Our Platinum Mining sector bucked the trend and finished 1.38% lower, driven largely by Anglo American Platinum which closed the day 2.39% softer.
On the company front, Mr Price Group released a trading update for the 26 weeks ended 30 September 2017. They have advised that earnings are likely to be between 20% & 25% higher than those reported for the previous corresponding reporting period. PPC group EBITDA is expected to increase by 3% - 6% compared with the previous period, whilst net profit attributable to PPC shareholders is expected to increase by 180% - 200%. Group EBITDA has been negatively impacted by costs related to corporate action, legal costs and exchange rate fluctuations. Excluding these impacts EBITDA would have risen by a further 5% - 10%. The Foshini Group Ltd have advised that TFG, through its United Kingdom subsidiary, TFG Brands (London) Limited, has entered into an agreement to acquire the entire issued share capital of Hobbs, a contemporary British womenswear brand.
On the Economic front, The Reserve Bank of Australia left the cash rate unchanged at a record low of 1.5% at its November 2017 meeting, as widely expected. South Africa's gross foreign reserves dropped to USD 48.90 billion in October of 2017 from a 37-month high of USD 49.38 billion in a month earlier and below market expectations of USD 49.21 billion. House prices in the United Kingdom rose 4.5% year-on-year in the three months to October 2017, following a 4% gain in the previous period, in line with market expectations. Retail sales in the Euro Area rose by 3.7% year-on-year in September 2017, following an upwardly revised 2.3% gain in August and beating market expectations of 2.7%. Redbook Index in the United States increased by 2.60% in the week ending November 4 of 2017 over the same week in the previous year. Total value traded for the day was R19,08 bn.
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