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SA Midday Market Update 12 Nov 2014
The JSE all-share index is trading 0.4% higher, as we experience broad-based sector gains with the resource index adding 0.43%, industrials 0.23% and financials 0.45%.
https://www.youtube.com/watch?v=HJZhpgjwbeE&feature=youtu.be
In company news: Peregrine Holdings reported a solid set of interim results, in which headline earnings grew 44% and R276 million of normalised cash was generated from operating activities.
Business Connextion has released a trading statement guiding that it expects headline earnings per share for the year to be between 21.1% and 35.7% higher than the previous corresponding period.
In currencies the Rand is weaker against the majors and currently trading at R11.22 cents to the Dollar, R13.98 to the Euro and R17.79 to the British Pound. In commodities, Gold is trading at $1,163/oz., Platinum at $1,202/oz. and Brent Crude at $82.18/barrel.
South African retail trade sales increased by 2.3% y/y in September 2014, with the highest growth rate recorded in hardware, paint and glass. In the U.K. 20 400 less people claimed unemployment benefits in the previous month and the unemployment rate remained at 6%, both figures being slightly worse than expectation.
Chart of the day
Our chart of the day is Spar, which reported strong full-year results. Revenue grew 15.1% over the period and headline earnings per share 12.5%, while return on equity (ROE) was a massive 43.4%.
The price of Spar has broken out of the large trading range of the last year, between levels 10840 and 13632, to add more than 6% on the day trading at new all-time highs.
