SA Company News:
The JSE All Share index traded slightly lower around 66,250 on Monday. Capitec released a trading statement in which it said that profitability that excludes one-off items, would be between 3,428c and 3,541c for the six months to end-August 2021. That would represent an increase of 510%-530%. Steinhoff was the biggest loser on the JSE on Monday, the company’s shares dropped 21.62% to R2.90.Shoprite Holdings reported a 20.3% rise in annual earnings on strong sales.
Bidvest trading profit is up 47.8%.
South Africa’s Imperial Logistics said on Tuesday annual earnings jumped by 218% due to a strong recovery in volumes and profitability.
The focus turns to second-quarter GDP figures due later today, for clues about the pace of recovery in South Africa’s economy. South Africa’s consumer confidence improved slightly in the third quarter from the three months prior, a survey showed on Monday, helped by pent-up demand for big-ticket purchases such as cars and electronic appliances after vaccination drives.
Talks of more stimulus in Japan and China boosted Asian stocks overnight. Data released earlier Tuesday showed China’s exports rose at a faster-than-expected rate of 25.6% in August from a year earlier, from 19.3.% gain in July. Chinese technology stocks rallied to their highest level in more than a month after a new round of share buybacks by Tencent Holdings Ltd boosted market sentiment.
Aluminum climbed to the highest in more than a decade as political unrest in Guinea fueled concerns oversupply of the raw material needed to make the metal.
Prices on the London Metal Exchange rose as much as 1.8% to $2775.50 a ton.
Iron ore – China imported iron ore worth a record $20 billion in August, according to government data released Tuesday.
Gold lost 0.27% to $1,822.74/oz, while platinum gained 0.24% to $1,020. Brent crude fell 1.06% to $72.10 a barrel.
Bitcoin: El Salvador on Tuesday became the first country in the world to adopt bitcoin as legal tender. El Salvador bought its first 400 of cryptocurrencies pushing prices for Bitcoin 1.49% higher to more than $52 680.
The rand had strengthened 0.57% to R14.2287/$.
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