By browsing our website, you accept the use of cookies. Our use of cookies is explained in our privacy policy.
Click the PRODUCTS & SERVICES button on the left to expand it again.
Ok. Got itOn Friday, the All Share Index extended the upward trend seen over the past several trading sessions. Our market lost some momentum in afternoon trade following the release of a weaker than expected set of jobs numbers in the US, but still managed to close in the black by 0.41%. We saw gains across the board, but the health care sector was the best performer led by a 3.52% gain in Mediclinic. Lewis and Cashbuild added 4.59% and 3.52%, respectively. On the losing side, Kumba Iron Ore lost 3.84%, while Oceana and JSE Ltd each dropped more than 2.4%.
On the company front, Glencore has entered into an agreement with Off The Shelf Investments to acquire a 75% stake Chevron SA and the entire issued share capital of Chevron Botswana for an aggregate consideration of US$973 million. PPC advised shareholders that the Board received from Dangote Cement a formal withdrawal of interest to acquire the entire issued share capital of PPC. Lonmin announced the consent of its lending banks for its acquisition of the Pandora JV and a pre-emptive waiver of its consolidated net worth covenants for the period from 30 September 2017 to 30 March 2018. Lonmin jumped 16.9% to close at R15.15 after the announcement. Sygnia advised shareholders that its total assets under management and administration as at 30 September 2017 were R184 billion (30 June 2017: R162 billion, 30 September 2016: R158 billion). PSG indicated in a trading statement that its sum-of-the-parts (SOTP) value per share as at 31 August was R261.05, being 8.4% higher than the R240.87 reported as at 28 February 2017. Headline earnings per share (HEPS) are expected to be between 360 cents and 365 cents per share or between 22.4% and 23.5% lower than the six-month period ended 31 August 2016.
On the economic front, South Africa’s gross foreign reserves increased to US$49.38 billion in September from US$46.92 billion in August and came in above market expectations of US$ 47 billion. German industrial orders rose 3.6% month-on-month in August, following a revised 0.4% drop in July and beating market consensus of a 0.7% gain. House Prices in the UK increased 4% year-on-year in the three months to September after a 2.6% gain in the previous period and above market expectations of 3.6%. In the US, non-farm payrolls fell by 33 000 in September, following an upwardly revised 169 000 in August and well below market expectations of a 90 000 gain, while the unemployment rate fell to 4.2% from 4.4% in the previous month. The average hourly earnings in the US increased by 0.5% in September from the previous month, while wholesale inventories rose to US$608.1 billion which was 0.9% higher compared to the prior month. Total value traded for the day was R17.5 billion.