By Claire Badenhorst
- After being close to its best level in months, the rand weakened significantly on Monday – tumbling more than 3%. After trading at R16.10 on Friday, it was up to R16.82 on Monday evening as fears of a second wave of global Covid infections triggered a worldwide sell-off of riskier assets. Investors are concerned about another possible lockdown in the UK and other countries in Europe, but local sentiment was worsened by the Treasury committing to another bailout for SAA. The rand recovered slightly on Tuesday evening to R16.73.
- Trellidor reported a 66% decline in headline profit on Tuesday with sales down 18% in the year to end-June. The company said that at the height of lockdown revenue was R72m below the internal forecast for the quarter, and sales through May and June remained subdued as the economy began rebuilding after the harsh lockdown in April.
- In July, Tongaat Hulett said an independent expert would determine whether a material adverse change (MAC) had taken place with regards to the disposal of its starch business. It released a statement on Tuesday saying the expert found “it is reasonably likely that the EBITDA of the Sale Business for the financial year ending 31 March 2021 will be more than 82.5% of the EBITDA of the Sale Business for the financial year ended on 31 March 2020 and that a MAC has therefore not occurred.” Tongaat Hulett said that it remains “fully committed to the fulfilment and implementation of the disposal” and that it should be implemented by the end of October. For more on this, visit BizNews.com.
- In its financial results for the year to end-June, Attacq shared that its net asset value per share declined by almost 26%, while the valuations of its SA properties fell by almost 9%. Attacq owns both the Mall of Africa and the Waterfall City mega-development in Johannesburg.
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