The JSE all-share index is trading tentatively higher in morning trade, as we await the submission of Greek reforms in lieu of a four month extension of its current bailout deal from the Troika.
The industrial index is trading 0.6% firmer, the financial index 0.15% higher, while the resource index has decline 1% in morning trade.
In company news, Hulamin FY 2014 results highlighted normalised earnings +76% HEPS +96% and a final cash dividend of 25c per share was declared. Hulamin is also the chart of the day.
AngloGold full-year guidance showed production +8%, all in sustaining costs -13% to $1,026/oz. Capex of $1.2bn showed a 39% decrease in spend from the previous year. Sun International interims revealed revenue +6.6% EBITDA +14.5% adjusted diluted HEPS +23% and dividend per share of 110c was declared.
Nedbank FY 2014 results highlighted headline earnings +14%, tangible NAV growth of 10.6%, a ROE of 17.2% while the full-year dividend has increased +14.9%. Adcock Ingram interim results showed headline earnings per share to have increased by 38%. Bidvest has also proposed an offer to acquire up to 100% of Adcock Ingram at R52 a share.
The Rand is trading at R11.73 to the [currencies:usazar|Dollar], R13.29 to the Euro and R18.03 to the British Pound. In commodities Gold is trading at $1,192/oz., Platinum at $1,156/oz. and Brent Crude at $59.76/barrel.
German business climate data recorded an index reading of 106.8, slightly ahead of the previous months reading of 106.7. In the U.S. we are expecting existing home sales data at 5pm.
Chart of the day – Hulamin
The share price has opened up higher in morning trade following the results breaking out of a triangle consolidation pattern. This suggests a continuation of the preceding uptrend with a target projected at 990.
Should the price fail to uphold gains and close below 880 the bullish consideration would be deemed to have failed.
Hulamin Ltd
