Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!
Local Market Update
- The JSE All-Share Index lost 1.61% to 67,803.50 and the blue-chip Top 40 Index ended the day 1.73% lower at 61,348.20. The losses were broad-based, but the commodities sector weighed the most on the local bourse. The commodities index lost 2.38%, followed by financials and industrials, which fell 1.56% and 1.26%, respectively. On an individual stock basis, Gold Fields gained 9.49% on Friday, making it the best performer in the All-Share Index on the day. On the other side of the local market, Steinhoff lost 7.27%, making it the worst performer of the day.
- The rand weakened significantly against the dollar on Friday, trading around the R15.8650 mark at the close of trading, down 2.3%.
- Gold prices retreated this morning from the one-month high reached earlier, as hot-button U.S. inflation data pushed up government bond yields and diminished the appeal of gold, which is considered a safe haven. Gold, considered a safe haven in times of economic crisis, hit its highest level since May 9 at the start of the session. Oil prices fell more than $2 today as a flare-up in the COVID -19 cases in Beijing dampened hopes for a quick pickup in Chinese fuel demand, while concerns about global inflation and economic growth continued to weigh on the market.
In Local News
THE FOSCHINI GROUP LIMITED – Abridged Consolidated Financial Statements
Record Group sales increased 29.7% to R46.2 billion. Strong growth in the Group’s retail sales to R43.4 billion (up 31.6%), with all territories exceeding expectations. Growth in Group online retail sales of 11.7% to R4.4 billion, contributing 10.2% to total Group retail sales. Earnings per share of 1 009.0 cents, up 409.9% (March 2021: 197.9 cents per share).
Basic earnings per share of 901.9 cents, up 246.9% (March 2021: loss of 614.0 cents per share). Operating profit before financing costs of R4.8 billion (March 2021: loss of R719.2 million).
Continued strong cash inflow from operations of R8.2 billion.
INDUSTRIALS REIT LIMITED – Full-year results
Record total return of 25.0% (2021: 11.4%), driven by a 20.4% increase in EPRA NTA per share to £1.77 (2021: £1.47). IFRS profit before tax doubled to GBP107.5 million (2021:
GBP53.0 million), driven by MLI valuation increases of GBP89.5 million compared to GBP26.9 million in the prior year. Valuation growth of 20.8% on a like-for-like basis and new acquisitions helped increase the total valuation of the MLI portfolio to GBP653.5 million. Including the share of the jointly held nursing home portfolio, the total valuation of the portfolio at year-end was GBP 685.8 million (2021: GBP 582.3 million). Increase in diluted IFRS EPS by 96.7% to 36.68 pence (2021: 18.57 pence) and adjusted EPS to 6.88 pence per share (31 March 2021: 6.78 pence).