SA Company News:
The Johannesburg Stock Exchange All-Share Index gained 0.74% to 70 264. The former CEO and president of Samsung Africa, Sung Hyuck Yoon, has been appointed as a director on the Telkom board. Sung has a Master of Business Administration from the University of Illinois, and a Bachelor of Arts in Sociology from Korea University. In a trading update from Renergen, the company said that it expects a headline loss per share of between 31.4 cents and 24.1 cents, compared to a loss of 36.29c in the previous year. Its results will be published on 19 May 2022. The hospital group, Netcare, says its earnings for the six months ended 31 March 2022, increased between 8.5% and 9%. This improvement resulted as the business transitioned out of the fourth wave, with average occupancy in February and March 2022 of 62.4%. Netcare’s half-year results will be released on Monday, 23 May 2022.
The composite leading business cycle indicator edged lower by 0.1% from a month earlier in February of 2022, following a 1.0% gain in the previous month. State-owned utility Eskom, who holds a monopoly over the country’s power supply, urged consumers to cut on electricity consumption after losing several generators over the past few days, warning that the system is under pressure.
Investors waited to see if earnings from Big Tech companies this week will provide support to a market worried about high inflation and slowing global growth. New home sales in the United States dropped 8.6% from a month earlier to a seasonally adjusted annual rate of 763 000 in March 2022, following a revised 1.2% drop in the previous month and below market expectations of 765 000. The Federal Reserve is expected to hike interest rates by 50 basis points next Wednesday and start trimming its asset holdings. The U.S. central bank raised its policy interest rate by 25 basis points in March, the first hike in more than three years.
The Hang Seng gained 0.59% to 20 060, lifted by reports that the Chinese government said that they will tackle the bottlenecks in supply chains affected by COVID by easing congestion at ports and airports. Alibaba Holdings and JD.Com Inc was up 3% and 2.5% respectively. In China, the Shanghai Composite is up 2.49% to 3 100. The Dow Jones Industrial Average rose 0.19% to end at 33 301 points, while the S&P 500 gained 0.21% to 4 183. Microsoft Corp jumped 4.8% and Visa Inc closed 6.47% higher on strong earnings. Shares of Facebook parent, Meta rose after the company reported earnings. Meta’s earnings per share was $2.72 compared with $2.56 as expected and recorded revenue of $27.91 billion compared with $28.2 billion as expected.
Gold is down 1.31% to $1 874/oz, while Platinum is lower by 2.52% to $904/oz. Brent crude was 0.91% firmer at $103 a barrel.
The rand traded at R15.96 against the US Dollar, R19.97 against British Pound and R16.78 against the Euro. The Euro is weaker against the US Dollar to trade at $1.05.
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|Source: Moneyweb & Investing.com|