AngloGold cuts exploration budget, to restructure Ghana mine

By Ed Stoddard JOHANNESBURG (Reuters) – AngloGold Ashanti, Africa’s top gold producer, said on Monday it would cut its exploration budget by more than half this year to focus on a few major projects and would restructure and lay off staff at its loss-making Obuasi mine in Ghana. AngloGold’s action follows a wave of cuts by mining companies around … Read more

Pioneer Food results – 9% increase in revenue

From SENS Pioneer Foods released interim results today, posting positive results for the 6 month period. Pioneer currently holds a R22bn market cap, with a 22% improvement on its share price in the last year. Pioneer is trading up on the day on the back of its positive results. H1 revenue for continuing operations R8.8bn … Read more

Astral Foods posts 11% revenue increase

From SENS Astral Foods has released its interim results, trading just under a percent up on the day, with a market cap of R4.3bn, and strength in its year on year share price of 14.84%, despite significant volatility seen in the share price. Highlights from the results: Revenue increase 11% Operating profit increase 260% Earnings … Read more

Buildmax posts 15% increase in HEPS

Buildmax, a player in the mining and construction industries, is trading just under 2% up on the day, having released its finalised year end results. Buildmax is trading 20% up on the year, and currently holds a modest market cap of R480m. Headline earnings increased to R59.6 million from R51.8 million – increase 15% HEPS increased to 32.9 cents from … Read more

Barloworld EPS up 71%

Barloworld released its interim results this morning, with a 10% increase in headline earnings, and a 71% spike in earnings per share, the share is however trading half a percent down on the day after a strong start this morning. Despite today’s moves, Barloworld is a strong stock acting as a heavy industry gauge in … Read more

Cash cow Vodacom pays 92% of HEPS in dividends, yielding 6.4% on share price

Vodacom’s financial results for the year to end March, released on SENS this morning, reflect the price war which has erupted in South Africa’s cell phone sector. The better than expected numbers also justify late confidence which emerged in the market on Friday when Vodacom’s shares gained almost R3 from their lowest point to close … Read more

Strong results, rich rating for Famous Brands: PE 27x, DY 2.7%

Famous Brands shares are among the best performers on the JSE. In the past decade the price has risen 29 fold from 370c to their current level of around R110 (see below for long-term price graph since its 1994 listing). As a result, much is expected from the company Kevin Hedderwick runs and today’s financial … Read more

Strike-hit Implats says violence is “devastating”

JOHANNESBURG (Reuters) – Impala Platinum described on Friday as “devastating” the impact on its employees of a 16-week strike at its key South African operations and said it had lost 131,000 ounces of production to the stoppage in the March quarter. “The human tragedy that is unfolding as a result of our employees not earning … Read more

Brent holds above $109 on Ukraine tensions

By Keith Wallis SINGAPORE (Reuters) – Brent futures held above $109 a barrel on Friday as fresh tensions over Ukraine kept them on course for their biggest weekly rise since mid-April, but returning Libyan supply capped gains. U.S. crude futures were also heading for their best week in five, bolstered by data indicating the U.S. economy could … Read more

Gold below $1,300; platinum heads for best week in 3 months

By A. Ananthalakshmi SINGAPORE (Reuters) – Gold struggled below $1,300 an ounce on Friday as U.S. jobs and factory data indicated brighter prospects for the economy, hurting the metal’s appeal as an investment hedge. Platinum was headed for its best weekly gain in three months on supply worries from prolonged strikes in top producer South Africa, … Read more