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Ok. Got itThe All Share Index opened higher by 258.70 points or 0.47% on Monday as the Asian markets followed on positively from Friday’s bullish US close. Our local bourse held firm throughout the trading session and closed the day 0.36% in the black.
Financials shed 0.18%, with the likes of Nedbank and Barclays Africa both trading lower by 0.81% and 0.58% respectively.
Resources closed firmer by 1.23%, led by Anglo American and BHP Billiton which gained 2.06% and 1.47% respectively.
The Gold miners drifter lower by 0.97%, led by Goldfields and Harmony which closed the trading session weaker by 2.03% and 0.91% respectively.
On the company front, Rolfes announced their results for the full year ended 30 June 2017 and reported that their revenue from continuing operations had increased by 9.7% to R1.437bn compared to their restated results. The company advised that normalised HEPS from continuing operations had increased by 5.2% to R138m compared to the restated results. A gross final dividend of 8c was declared and the stock closed 1.32% higher. Steinhoff announced that Steinhoff African Retail (STAR) had raised R15.4bn by issuing 750m new STAR shares during the 4.8 times oversubscribed private placement that preceded the listing. The net proceeds from the private placement were distributed by STAR to subsidiaries of Steinhoff. Coal of Africa announced that the shares and claims in Mooiplaats will be sold to MCH, a consortium of investors, for an aggregate purchase price of R179.9m. Capitec advised shareholders that they’ve repurchased 76 358 preference shares, representing 4.89% of the issued preference share capital of the company. The company is entitled to repurchase a further 187 420 preference shares which would represent 12% of the preference shares in issue. Pick n Pay Stores released a trading update for the 26 weeks ended 27 August 2017 and disclosed that group HEPS are expected to increase between 10% and 15% on a normalised basis and when excluding the impact of the voluntary severance programme (VSP). When including the impact of the VSP, group HEPS are likely to decline by between 20% and 25%.
On the economic front, the Markit Manufacturing PMI was revised slightly down to 58.1 in September 2017 from a preliminary reading of 58.2 but higher than 57.4 in August. The unemployment rate in the Euro Area was unchanged at 9.1% in August 2017, the same as in the previous two months but slightly higher than market expectations of 9%. The data release was the lowest jobless rate since February 2009.
The UK Manufacturing PMI fell to 55.9 in September 2017 from a downwardly revised 56.7 in August. The PMI came below market expectations of 56.4 but remained well above its long-run average of 51.7.
Total Vehicle Sales in South Africa increased to 49 220 in August from 46 719 in July 2017. The Markit Manufacturing PMI in the US increased to 53.1 in September 2017 from 52.8 in August whilst the expectations were for a reading of 53.
Construction Spending in the US increased 0.50% in August 2017 over the previous month. Total value traded for the day was recorded at R19.39bn.