On Friday, South African equity markets were stable, holding near the lows of the week and continuing to trade within a tight, two-day range. For the session, the All Share closed 0.05% higher at 57130, while the Top 40 index was in the green by 0.12%. Supporting the positive close was Naspers (+2.61%), Discovery Holdings (+2.27), Firstrand (+2.23%) and Tiger Brands (1.94%) while shares that brought balance were the miners as Anglo American, BHP Billiton and Glencore closed lower by 4.18%, 3.38% and 3.36% respectively. Over in Europe, stocks were mixed, with the DAX and CAC40 gaining by 0.04% and 0.16% respectively while the FTSE 100 was lower by 0.56%. In the United States, stocks finished lower with the Dow Jones Industrial Average leading the way down, losing 0.31%. This morning Asian stocks are being weighed down by fresh concerns of an additional $267bn of tariffs being imposed on China by the United States.
JSE Major Sectors
Resources 10 -2.64%
Industrial 25 +0.92%
Financial 15 +0.44%
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For the week ahead, there is plenty of data on the local economic calendar with Manufacturing Production kicking off tomorrow at 1pm. For the rest of the week's local and international data, you may view the Unum Capital Economic Calendar here: www.unum.co.za/economic-calendar/
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In currencies, the South African Rand trades as follows:
USDZAR +0.28% to 15.27
GBPZAR +0.20% to 19.72
EURZAR +0.18% to 17.63
Gold trades at $1298
Platinum at $779
Brent Crude Oil at $77.27
International Markets
This morning, Asian equities are as follows:
Nikkei 225 (+0.15%)
Hang Seng (-0.85%)
Shanghai Composite (-0.63%)
Latam Markets closed as follows:
Merval 25 (-0.46%)
Bovespa (+1.76%)
INMEX (+0.56%)
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Company News
Tiger Brands - Changes to the Board of Directors of Tiger Brands
In compliance with section 3.59 of the JSE Limited Listings Requirements, shareholders are advised that Mr Rob Nisbet has stepped down as independent non-executive director of the Company with effect from today, 7 September 2018. He accordingly also steps down as a member and chairman of the Audit Committee, as well as a member of the Investment and Risk & Sustainability Committees of the Company. Rob has served on the Board of Tiger Brands since 1 August 2010. The Board would like to thank Rob for his significant contribution to the Company and wishes him well in his future endeavours
African Rainbow Minerals - Provisional results for the year ended 30 June 2018
Salient features
- Headline earnings increased by 51% to R4 814 million (F2017: R3 196 million), which includes a net fair value gain of R977 million. The net fair value gain is due to a change in the net present value of loan repayment cash flows as a result of restructuring the ARM coal debt. Excluding the net fair value gain, headline earnings are up 20% compared to F2017.
- Headline earnings per share were 2 526 cents compared to 1 684 cents in F2017.
- Final dividend of 750 cents declared. A maiden interim dividend of 250 cents per share was paid for the first half of the financial year (1H F2018). The cumulative dividend for F2018 is 1 000 cents per share (F2017: 650 cents per share).
- Basic earnings were R4 562 million (F2017: R1 372 million) and include the net value gain of R977 million as a result of the restructuring of the ARM Coal debt. F2017 included attributable impairments of the Nkomati Mine and Modikwa Mine assets of R711 million and R734 million after tax and non-controlling interest, respectively.
- US Dollar prices realised for most commodities were higher except for iron ore, platinum and chrome concentrate prices.
- ARM and Glencore successfully concluded the restructuring of the ARM Coal debt which improves ARM and ARM Coal's obligations in terms of this debt.
- The disposal of ARM and Vale's 80% interest in Lubambe Mine was completed on 22 December 2017.
- Dividends received from the Assmang joint venture were R3 000 million (F2017: R2 488 million).
- The consolidated financial position improved by R2 266 million to net cash of R995 million (net debt of R1 271 million as at 30 June 2017).
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Aus miners:
BHP Billiton (-0.16%)
Rio Tinto (-0.80%)
S32 (+2.01%)
FANGs
Facebook (+0.31%)
Amazon (-0.32%)
Netflix (+0.64%)
Google (-0.54%)
FTSE Miners:
Anglo American plc (-1.77%)
BHP Billiton plc (-1.67%)
Glencore plc (+2.68%)
Alibaba Holdings (+1.56%)
Tencent Holdings (-0.13%)
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The Unum Capital Trading Desk
Please feel free to contact the Unum Trading desk for any trading related queries : 011 384 29 29