MMI reports 30% new business growth; Basil Read struggles; Huge closes out CFDs

SENS AT A GLANCE

Wednesday 26 November

• MMI Holdings (mkt cap: R47.8bn) trading update for three months to end September: New business recurring premiums +22%, total present value of premiums +30% (year on year). MOU entered with India's Aditya Birla Financial Services to enter health insurance market in India.

• Alexander Forbes (mkt cap R12.6bn) trading update for half year to September: HEPS between 11c and 13c (2013: loss 9c). Due primarily to change in capital structure and related impact on finance costs. Core trading result of operating divisions to rise between 14% and 17%.

• Vukile Property Fund (mkt cap: R10.1bn) interims to end September: Distribution +7.8%; vacancies down to 5.4% (6.5%); Gearing down to 23.6% (29%). East Rand Mall (50% owned) to experience a R336m upgrade. In line with desire to acquite control of Synergy Income Fund, in November exchanged 3.4m Vukile units for 9m Synergy B units with Stanlib and Liberty Group. Asset management business sold to Sanlam for R167m. Company on track to deliver full year distribution growth of between 7.5% and 8%.

• Basil Read (mkt cap: R642m ) trading update – HEPS will be at least 20% down for year to end December 2014.

• Huge Group (mkt cap: R244m) interims to end August: HEPS 9.2c (6c). Tangible nav 14.9cps (negative 7c) after inflows through R20m rights issue. Closed out CFD contracts at underlying price of 170c per Huge share releasing margin of R6.6m.