SA Company News:
The JSE All Share Index closed flat at 75 925 with investors booking profits from recent record highs. Steinhoff’s pan-European subsidiary, The Pepco Group, opened 146 new stores in the first quarter of 2022 while growing revenue by 12%, it said in a trading update. The Pepco Group, which is listed on the Warsaw Stock Exchange, contains The Pepco Group, Poundland and Dealz brands. It sells clothes, general merchandise, toys, and fast-moving consumer goods, mainly in Eastern Europe. Chrome and platinum group metals (PGM) miner, Tharisa PLC, said in a trading update that PGM production rose 9.2% quarter on quarter to 47 700oz, while chrome production rose 1.5% to 401 800oz. Guidance for 2022 has been maintained at between 165 000oz and 175000oz of PGMs, and between 1.75-million and 1.85-million tons of chrome concentrates. Ascendis Health interim CEO, Andrew Marshall, resigns after just over two weeks in the job. Activist shareholder Harry Smit is appointed as its new chair.
South African electricity production slid 3.7% in November on a year-on-year basis, this is down 3.4% compared to the prior month. Conversely, electricity consumption in South Africa has dropped 2.4% during the month of November on a year-on-year basis and 3.6% compared to the previous month.
New waves of Covid-19 infections, labor shortages and supply-chain challenges, and inflation are driving a slowdown in global economic growth according to reports. Federal Reserve Bank of Chicago President, Charles Evans, said monetary policy isn’t positioned to deal with surging inflation and that he supports the central bank’s recent shift toward expecting to raise interest rates. Imports to China rose by 19.5% year-on-year in December 2021, missing market expectations of 26.3% while exports from China grew 20.9% year-on-year. Yesterday Russian officials signaled those diplomatic efforts to resolve the crisis surrounding Ukraine, might be abandoned after the West’s approach led to dead-ends. The US has made it clear that they are prepared to engage in further talks but are also prepared to respond to further Russian invasion in Ukraine. The next move will likely be up to the president, Vladimir Putin.
Nigerian President, Muhammadu Buhari, lifted a seven-month ban on Twitter Inc. The suspension of the social network came to an end yesterday. The government blocked access to Twitter’s services on June 5, after Twitter deleted one of Buhari’s tweets for violating its rules. Chinese technology stocks slipped in Hong Kong as traders locked in profits over the past week. China Evergrande Group said the company secured approval from onshore bondholders to delay payments on one of its bonds.
Gold is up 0.3% to $1 826/oz, while Platinum is down 0.5 % to $967/oz. Brent crude was 0.89% firmer at $84.93 a barrel.
The rand traded at R15.41 against the US Dollar, R21.13 against British Pound, and R17.66 against the Euro. The Euro has weakened slightly against the US Dollar to trade at $1.146.
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|Source: Moneyweb & Investing.com|