Our local bourse started the trading session marginally higher on Thursday tracking global markers but did see a pull back as the morning progressed. The selling pressure persisted throughout the afternoon with our market eventually finishing the day down by 0.36% at the close. The biggest loser for the day was the mining sector, depreciating 1.06% by market close. Leading the downside were Glencore and Anglo American, falling by 2.56% and 1.68% respectively. Our platinum and precious metals sector bucked the trend and finished 0.78% higher, driven largely by Lonmin which closed the day 1.99% stronger.
On the company front, in a trading statement from Ecsponent, the business expects earnings per share (“EPS”) to increase by a minimum of 30%, resulting in a minimum EPS of 2.893 cents per share while headline earnings per share (“HEPS”) is expected to increase by a minimum of 60%, resulting in a minimum HEPS of 1.577 cents per share. In a trading update from Hammerson for the third quarter of 2017, total leasing volumes were up 17% on the same quarter last year while indicating that Dublin continued to outperform other European cities with retail sales currently growing at 4% year on year. In results from Tradehold, total assets were up 161.7% to £994 million, net asset value per share was up 34% to 124.1 pence while also reporting headline earnings per share, up 169% to 3.5 pence. In results from Stefanutti Stocks for the six months ended 31 August 2017, revenue was R5,2 billion, operating profit came in at R119 million while their current order book was valued at R13,9 billion.
On the Economic front, the consumer price index in China increased 0.10% in October of 2017 over the previous month. Mining production in South Africa decreased 0.9% year-on-year in September of 2017, following an upwardly revised 7.9% rise in August and well below market expectations of a 6.5% gain. Industrial Production in South Africa decreased 0.80% in September of 2017 over the previous month. The number of Americans filing for unemployment benefits increased by 10 thousand to 239 thousand in the week ended November 4th from the previous week's unrevised level of 229 thousand and above market expectations of 231 thousand. Total value traded for the day was R13.59bn.
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