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Ok. Got itOur local bourse started the trading session 0.31% stronger on Tuesday. Trading continued to be robust throughout the day with our market eventually finishing the day higher by 1.04% at the close. The best performer for the day was the Industrial sector, appreciating 1.42% by market close. Leading the upside were Naspers and Richemont, climbing by 2.88% and 1.89% respectively. Our Resource sector followed on closely and finished 1.16% higher, driven largely by Anglo American PLC which closed the day 2.47% stronger.
On the company front, NEPI Rockcastle announced an accelerated book build looking to raise approximately R 3 billion. In light of strong demand, the amount of equity to be raised was increased to approximately R5.2 billion. At this level, the book was oversubscribed. The new NEPI Rockcastle shares to be issued pursuant to the book build process have been priced at R177.00 per share. The share closed 3.59% lower. Sovereign Food Inv Ltd released a trading update. They have advised that the Company’s earnings per share and headline earnings per share for the 6 months ended 31 August 2017 are expected to be at least 204 cents higher than the loss per share and headline loss per share of 48 cents for the previous corresponding period, resulting in a minimum EPS and HEPS of 156.0 cents.
On the Economic front, The Reserve Bank of Australia held the cash rate steady at a record low of 1.5% at its October 2017 meeting, as widely expected. The seasonally adjusted UK Construction PMI fell to 48.1 in September 2017 from 51.1 in August, way below market expectations of 51. Industrial producer prices in the Euro Area rose 2.5% year-on-year in August 2017, following a 2% increase in July and beating market expectations of 2.3%. The Absa PMI for South Africa rose to 44.9 in September of 2017 from 44 in August. Redbook Index in the United States increased by 4.10% in the week ending September 30 of 2017 over the same week in the previous year. Total value traded for the day was R16, 76 bn.