Star 2024-10-23

Exchange-traded fund (ETF) specialist asset manager Satrix has launched the Satrix MSCI World Islamic Feeder ETF, South Africa’s first Shariah-compliant ETF with global exposure. Listed on the JSE, the fund tracks the MSCI World Islamic Index, which measures the performance of large- and mid-cap Shariah-compliant companies across 23 developed-market countries. The MSCI World Islamic Index represents an investment option that complies with Islamic finance principles by tracking the overall returns of a portfolio made up of compliant companies. It ensures that any dividends paid to shareholders are “purified” by donating portions of dividends generated from prohibited activities to charity rather than distributing to shareholders. Yusuf Wadee, the head of exchange-traded products at Satrix, said: “We are proud to provide investors with a unique opportunity to access a globally diversified portfolio…

WeBuyCars Holdings, a leading player in South Africa’s used-vehicle market, has released its financial projections for the year ending September 31 and the company expects a substantial increase in its core financial performance, despite facing some one-off costs and accounting adjustments. Core headline earnings, which the group uses to measure and benchmark business performance, are projected to rise between 21% and 26%, reaching between R798 million and R832m. This metric represents headline earnings adjusted for certain non-recurring or non-cash items, providing a clearer picture of the company’s underlying performance. On a per-share basis, core headline earnings are expected to increase between 7% and 12%, amounting to between 212.5c and 222.4c per share. However, headline earnings per share is expected to decline between 60% and 65%, falling to between 85.6c and…

Sasol’s share price continued its downward spiral yesterday, falling by up to 6% and bringing its decline over 12 months to over 55%, despite sales and production in the first three months of its 2025 fiscal year being largely in line with market guidance. The group said in a trading statement yesterday that only the crude oil refinery Natref was trading below guidance. Fuel production at the refinery was 24% higher than the previous quarter, but 27% lower than the first quarter of 2024, mainly due to the planned shutdown, along with start-up delays in the first quarter of 2025. This, together with “operational challenges” experienced at the end of the quarter, had resulted in an expected volume increase of only 0%-10% compared with the 2024 financial year, down from…

IMF’s prospects bolstered by a surge in business confidence due to stable electricity supply The International Monetary Fund (IMF) has given Finance Minister Enoch Godongwana a cushion to deliver optimistic growth forecasts next week during the Medium-Term Budget Policy Statement (MTBPS) as the lender of last resort revised upwards South Africa’s economic growth projections for 2024 and 2025. Godongwana will table the MTBPS before Parliament on Wednesday, outlining the country’s fiscal position and growth forecast amid a surge in business confidence on the back of an improving economic landscape. The IMF’s growth prospects are bolstered by a surge in business confidence attributed to a stabilising electricity supply and ongoing structural reforms instituted by the Government of National Unity (GNU). South Africa has had a good run of stable electricity supply…

PRESIDENT Cyril Ramaphosa yesterday said South Africa saw its BRICS partner, Russia, as a “valued ally” in global trade and geopolitics. Ramaphosa yesterday held a bilateral meeting with his Russian counterpart, President Vladimir Putin on the sidelines of the 16th BRICS Summit in Kazan, Russia. “We continue to see Russia as a valued ally, as a valued friend who supported us right from the beginning, from the days of our Struggle against apartheid up until now,” Ramaphosa said. “So, we are really delighted to be here and to know that we are going to have very important discussions here in Kazan, within the BRICS family.” Ramaphosa arrived in Kazan yesterday morning to lead South Africa’s participation in the XVI BRICS Summit, which is held under the theme: “Strengthening Multilateralism for…

Amid growing confidence in South Africa’s economic landscape, the latest Bank of America South Africa Fund Manager Survey for October reveals that a significant portion of fund managers are optimistic about the nation’s economic recovery. With expectations of a second interest rate cut looming next month, a striking 82% of fund managers now classify themselves as equity bulls, a marked increase from 72% in September. However, despite this bullish sentiment, many are treading cautiously regarding the addition of domestic stocks to their portfolios. The survey, which gauges the sentiment of key South African fund managers, highlighted a net 59% of respondents who believed equities were currently undervalued, while 71% envisioned a more favourable environment for buying than selling stocks. The improved outlook suggested a departure from previous months when sentiment…