South African Market Overview 1 March 2022

Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!


Local Market Update

  • The JSE’s All-Share Index climbed 2.81% yesterday, and the blue-chip Top 40 index rose 2.54%. The commodities sector gave the biggest boost to the local market as the J210 index rose 6.29%. Among individual stocks, Harmony Gold led the all-share index after gaining 14.62%. It was closely followed by Anglo American Platinum and Sibanye Stillwater, which gained 11.73% and 11.48%, respectively.
  • The rand weakened on Monday as risk appetite waned after Western countries announced new sanctions to punish Russia for its invasion of Ukraine and Vladimir Putin put his nuclear forces on high alert. At the close of trading, the rand was trading around R15.36 against the dollar, 1.46% weaker. Locally, the focus was on the release of economic data: The tax authority released the trade balance for January and the finance ministry released the January budget figures.
  • Oil prices rose this morning after a volatile start to the week as the market weighed a coordinated international release of crude stocks against Russian supply disruptions in the wake of Moscow’s incursion into Ukraine. Concerns about tightening supplies come as major oil and gas companies, including BP and Shell, announced plans to pull out of their Russian operations and joint ventures. Gold prices eased today after a strong performance in recent sessions after Russian and Ukrainian officials began ceasefire talks and Western countries tightened sanctions against Moscow.



In Local News


THE BIDVEST GROUP LIMITED РUnaudited Financial Results 


Trading profit grew 24.8% to R5.1 billion, with R1.0 billion generated internationally. Robust operating cash flow of R6.6 billion was generated before absorbing the seasonal return of working capital of R2.6 billion. Capital investment of R1.2 billion was maintained and a R0.5 billion investment in an LPG terminal in Isando was approved. All business units recorded double-digit growth in trading profit. This is an excellent result considering the favourable trading environment, global supply chain constraints, rising input price inflation and the ongoing waves of the COVID -19 pandemic. The acquisitions made by Noonan in the previous year met expectations. Profit from continuing operations increased 35.3% to 813.8 cents.


SEA HARVEST GROUP LIMITED РReview of preliminary financial results 


Despite the continued volatility caused by COVID -19, Sea Harvest has demonstrated resilience and defensiveness, delivering revenue of R4.6 billion (2020: R4.4 billion) for the year ending 31 December 2021, up 5% on 2020, and operating profit of R691 million (2020: R629 million), up 10% on 2020, while earnings per share increased 9% to 168 cents (2020: 154 cents). Profit after tax attributable to Sea Harvest shareholders for the year ended 31 December 2021 increased by 9% to R470 million (2020: R431 million), while total profit increased by 4% to R439 million (2020: R421 million). Basic HEPS increased by 4% to 157 cents (2020: 151 cents).