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Dineo Faku dineo.faku@inl.co.za MINERAL sales had jumped by an astounding 46.9 percent year-on-year in March to R75 billion, Statistics SA (StatsSA) reported yesterday, boosted by the wave of record commodity prices and on expectations of an increase in global economic growth. StatsSA said production was 21.3 percent higher, the first annual growth since last February. StatsSA said that platinum group metal sales were the biggest contri- butor to the windfall after surging 76 percent and contributing 26.1 percentage points. Gold sales jumped 61.3 percent, contributing 7.2 percentage points, and iron ore sales increased by 48.3 percent and contributed 6.9 percentage points. StatsSA said “other” non-metallic minerals were up 72 percent and contributed 2.2 percentage points. Seasonally adjusted mineral…
Sandile Mchunu sandile.mchunu@inl.co.za BANKING group Absa said yesterday it expected its earnings for the six months to the end of June to surge ten-fold compared with last year because of lower credit impairments as the bank recovers from the fall-out of the Covid-19 pandemic. The bank informed its shareholders that its headline earnings per share (Heps) and earnings per share for the six months to the end of June were expected to be more than 10 times higher – at 67.7 cents a share and 58.8c, respectively – compared with the first six months of 2020, with most divisions expected to report earnings growth. Normalised Heps was expected to be between five and six times the normalised Heps of 173.6c reported during the first half of last year. The…
Sandile Mchunu sandile.mchunu@inl.co.za STEINHOFF International said yesterday it would oppose an urgent liquidation application filed by former Tekkie Town executives in the Western Cape High Court. The Tekkie Town executives have requested the matter to be heard on an urgent basis on May 24. The standoff between the two parties is a result of the December 2017 accounting scandal, which led to a more than 95 percent decline in Steinhoff’s share price following the admission to irregularities. Steinhoff acquired Tekkie Town for R3.2 billion in 2016 from founder Braam van Huyssteen and former executive in exchange for Steinhoff shares. Steinhoff has made €943 million (R16 billion) available in a form of proposed settlement against the claimants, which also includes former Tekkie Town executives. “Steinhoff will oppose…
STOCKS at the JSE were spooked by inflationary pressures and possible higher interest rates after the US recorded 13-year high consumer inflation. The rate of the US consumer price inflation (CPI) jumped to 4.2 percent on Wednesday, the highest since 2008 and well above forecasts of 3.6 percent rise. The jump in US consumer prices prompted a risk-off sentiment from investors on fears that the US Federal Reserve (Fed) would tighten its dovish monetary policy sooner than expected. The JSE All Share Index closed 1.86 percent lower to 66 168.65 points dragged down by miners as a recent rally in prices of iron ore and platinum paused. African Rainbow Minerals fell 5.2 percent to 4.9 percent to R275.32 per share, while Anglo Gold eased R320.90. Kumba Iron Ore tumbled…
Philippa Larkin philippa.larkin@inl.co.za LONG4LIFE, the investment group started by Brian Joffe, said yesterday it had decided not to declare an annual dividend for the year to the end of February, in light of the Covid-19 disruption as it repositions and bolsters the company to take advantage of the more stable markets and economy in the future. Last month, Long4Life announced it was undertaking a review of its corporate structure and strategic focus, in order to maximise shareholder value over the medium term, with a possible delisting from the JSE or the unbundling of certain focused assets. The national lockdown in South Africa had knocked its business. Its earnings per share and its headline earnings per share decreased by 26 percent to 31.9 cents for the period, and revenue…
RAY MAHLAKA, a Business Maverick reporter, appears to have deliberately ignored critical hard facts when he published his “story” on the Daily Maverick platform yesterday. Mahlaka “reported” on the Sekunjalo Group’s presentation to Parliament’s Standing Committee on Finance (SCoF) this week. To better understand the facts and the various perspectives, Business Report will publish online Sekunjalo’s full presentation, which dealt with matters arising out of the Mpati Commission Report dealing with alleged impropriety at the Public Investment Corporation (PIC). Sekunjalo, along with some of its investee companies, together with MMI Investments, which also registered legitimate concerns about the commission, had been invited by the SCoF to speak about their concerns. Dispelling several of the hitherto accepted “truths” sprouted by various members of the establishment to date, Sekunjalo’s presentation highlighted key…
