31 July 2019

Massmart’s earnings implode

The retailer and wholesale group expects to report an interim operating loss of up to R30 million as sales weakened and expenses rose.

Shoprite reports recovering sales

Fourth-quarter sales at the supermarket group were particularly strong, but not enough to boost full-year earnings.

JSE’s Newton-King to step down

The stock exchange operator says CEO Nicky-Newton King will be replaced by former JSE executive Leila Fourie when she retires.

Invicta hires outsider as new CEO

Steven Joffe will take over on 1 January from Arnold Goldstone, who will become non-executive chairman of Kian Ann Engineering.

MC Mining makes progress with Makhado

The coal miner expects the development of the hard coking coal project to make it the pre-eminent SA producer.

30 July 2019

L2D grows trading density in tough environment

The shopping centre owner says the quality of its properties have helped cushion it against the tough economy.

Hammerson hit by retail downturn

The UK shopping centre owner has reported a loss after lowering the value of its properties.

The Awkward Economist Learning Academy

Introducing The Awkward Economist Learning Academy. Take a look at the episodes recently launched by the Awkward Economist.

The Week Ahead 29 July 2019

Expect a 25 basis point cut in US interest rates next Wednesday

Efficient Group may delist from JSE

Private equity fund Apis is subscribing for shares in the financial services group and may extend an offer to minority shareholders.

29 July 2019

Omnia’s shareholders back recapitalisation plan

Almost all votes cast at last week’s general meeting were in favour of issuing new shares as the group grapples with high debt.

Rolfes cautionary stokes speculation

Its shares are worth less than half their value of two years ago despite the positive effects of a restructuring.

Brimstone finds new investors for Clover buyout

The empowerment group expects to incur once-off costs running into the millions following its decision to withdraw from the transaction.

Stefanutti keeps the wolf from the door

The construction group has raised R120 million of ring-fenced project capital as part of a larger funding plan.

TeleMasters declares dividend despite earnings plunge

The telecommunications solutions company has declared a 1.5c per share dividend although its 2019 earnings have tumbled more than 90%.

26 July 2019

Anglo American's billion dollar buyback

The group says the buyback recognises the resilience of its position and builds upon the $3.4 billion returned to shareholders since mid-2017.

Sasol update ends shares lower

Despite a higher rand-oil price, the group will report a fall in full-year earnings after writing own its assets by R18.1 billion.

Kumba - Where to from here?

Interestingly, in 2016, Anglo American changed its mind about disposing of its large stake in Kumba. There must be good reason for that so does that...

Who’s doing what this week in the South African M&A space?

Weekly summary of M&A activity by South African companies

Who’s doing what in the African M&A space?

Weekly summary of all M&A activity from across Africa (excluding South Africa)

Frothy quarter for AB InBev

The brewer had its best quarterly beer sales in over five years in the three months to end-June.

Capco to proceed with demerger

The London property owner plans to list Covent Garden as a separate REIT while it mulls expressions of interest in Earls Court.

Vodacom buoyed by International business

The mobile network operator anticipated slower growth in SA due to new data regulations, price cuts and the weak economy.

Alex Forbes sells insurance business to Momentum Metropolitan

The R1.94 billion disposal forms part of its strategy to focus on its employee benefits business.

Weekly corporate finance activity by SA exchange-listed companies

Weekly summary of corporate finance activity by South African exchange listed companies

Thorts - Flirting before the offer: The Intricacies of Approaching Shareholders

It makes sense for potential offerors to be able to engage with material shareholders in a target before an offer is formally launched.

25 July 2019

AECI looks beyond earnings dip

The chemicals and explosives group expects the benefits of realignment projects to outweigh the costs in the second half of its financial year.

Weak economy dents AVI’s earnings

The branded consumer goods group says the difficult trading environment has limited sales growth.

Mpact rolls out strong first half

The paper and packaging group says underlying earnings rose by up to a third, supported by its containerboard operations.

Metair’s earnings accelerate

The automotive components and energy storage business has flagged a rise of as much as 23% in first-half earnings.

Vunani heads for A2X

The black-owned financial services group plans to list on A2X markets at the end of the month as it progresses to the JSE’s Main Board.

Ellies swings back to a loss

The electronics group says impairments, increased provisions and legal fees have pushed it into the red.

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