South African Market Overview 23 June 2022

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

 

Local Market Update

  • Stocks on the JSE traded lower yesterday, following the global trend as investors remain concerned about a possible recession. The JSE All-Share Index ended the day down 1.55%, while the Top 40 Index was down 1.59%. The commodities sector weighed the most on the local market, as the local J210 index fell 3.75%. Financial and industrial stocks also traded lower, closing down 0.64% and 0.51%, respectively. off. More news: Health Minister Joe Phaahla is expected to join the minister in the Health Minister Joe Phaahla is expected to join Minister in the Presidency Mondli Gungubele at a press conference today.
  • The rand weakened against the dollar early Wednesday as investors worried about global growth ahead of the start of Federal Reserve Chairman Jerome Powell’s two-day hearing before Congress and domestic inflation data. By the end of the day, the rand was trading at approx. R15.92 against the dollar, 0.17% weaker.
  • Gold prices eased slightly today, receiving some support from a weaker dollar and U.S. Treasury bond yields after the Federal Reserve chief said the central bank is determined to contain inflation and will try not to trigger a recession in the process. Meanwhile, oil prices fell 2% in early trading this morning, extending losses from the previous day, as investors feared aggressive U.S. interest rate hikes could trigger a recession and hurt fuel demand.

 

In Local News

 

PPC LIMITED – trading statement

Earnings per share from continuing operations for the period are expected to be between 3 cents and 7 cents per share, compared with earnings of 65 cents per share in the previous reporting period. Loss per share from continuing operations for the reporting period is expected to be between 1 cent and 5 cents per share, compared to 3 cents earnings per share for the previous reporting period. EPS for the Group (including discontinued operations) is expected to be between 4 cents and 6 cents per share for the period, down between 67% and 50% from 12 cents per share for the previous period.

SAFARI INVESTMENTS RSA LIMITED – Trading Statement

The Company announces that the final dividend payment per share for the 6-month period ending March 31, 2022 is expected to be between 31 cents and 33 cents with reasonable certainty. This represents an increase of between 24% and 32% over the final dividend payment of 25 cents per share reported for the 6-month period ending March 31, 2021. Accordingly, the Company further advises that the total dividend per share (comprising the interim and final dividends) for the year ending March 31, 2022 is reasonably certain to be between 56 cents and 58 cents