IG Markets: Midday market update, 11 February

By Shaun Murison

The JSE All Share index is trading 0.1% higher in morning trade with the resource index having given up 0.2% while the industrial and financial indices trade 0.1% and 0.45% firmer respectively.

In Company news interim results for Group 5 showed revenue from continuing operations to have declined by 12% and operating profit was down 37%. The total order book increased by 5% and the dividends per share offering has reduced by 33%.

First quarter results from Sappi highlighted

– Profit for the period to be USD24 million (Q1 2014 USD18 million)

– EPS excluding special items 5 US cents (Q1 2014 2 US cents)

– Net debt USD2,040 million, down USD340 million year-on-year

Mustek released a trading statement for the interim period in which Headline earnings per share are expected to increase by 20% to 32% against the prior years comparative.

Northam Platinum advised that the company expects group earnings and headline earnings per share to be between 80c and 98c which is compared against the previous years comparative loss of 25c per share.

Aquarius reported a headline loss of $30m for the halfyear ending 31 December 2014. The net loss after tax (to IFRS) was $57 million.

Assore has announced that due to lower iron ore prices the half year results have seen a 59.2% drop in headline earnings. An interim dividend of R3 per share was however still declared.

The rand is trading at R11.75 to the dollar, R13.29 to the Euro and R17.92 to the British Pound.

In commodities Gold is trading at $1237/oz, Platinum at $1208/oz and Brent Crude at $56.7/ Barrel.

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