Star 2024-10-29

Share in cement maker PPC leapt over 4% after it said it expects its headline earnings per share (Heps) for continuing operations to rise by up to 18% for the six months ended September 30. In a trading update on Monday it said that Heps for continuing operations are forecast between 20c and 23.5c from the previous corresponding period of 20c. Earnings per share for continuing operations are anticipated to range between 20c and 23.5c, a hike of between 11% to 31% over the prior period’s 18c. The group said this improvement largely stems from reduced administration and operating costs within the South Africa and Botswana segments, countering weaker performance in Zimbabwe. Additionally, PPC said it benefited from higher investment income due to larger average cash balances and the absence…

Delta Property Fund yesterday announced the proposed disposal of five properties across South Africa for a combined R63.6 million, as it continues to streamline its portfolio and reduce debt. By 1.30pm the share price soared 8% to 27c on the JSE. Delta has signed separate sale agreements with five independent buyers for each property, located in Boksburg, Silverton, Johannesburg, Nelspruit and Durban. The properties are non-core assets that have experienced high vacancy rates, contributing to underperformance within Delta’s portfolio. The sales agreements involve the following transactions: n 67 Middle Road, Bardene, Boksburg, sold for R10.8m. n 244 Vonkprop Road, Silverton, sold to Tupelostax Investments for R2.8m. n 25-29 Rissik Street, Johannesburg, sold to Guder Properties for R18.5m. n 17 Henshall Street, Nelspruit, sold to Aberaha Trading for R8.5m n Leasehold…

Listing of dicount chain part of Pick n Pay’s plans to turn around loss-making stores The listing of discount grocery chain Boxer Retail this year is likely to be well received by JSE investors and will likely raise up to R8 billion towards the turnaround plans of its parent Pick n Pay, market analysts said yesterday. Pick n Pay yesterday provided some details of its plans to list Boxer, and although full details around pricing are only expected to be released in a pre-listing statement, the group said the base size of the initial public offering (IPO) would likely be towards the upper end of its earlier guidance of between R6bn and R8bn. Pick n Pay CEO Sean Summers said in a telephone interview that they “are ready to list,…

Legal tensions have escalated between SOLA Group and JSE-listed helium producer Renergen, as each party claims rights to land currently under development for the 150MW Springbok Solar Power Plant. Renergen, with its Virginia Gas Project that comprises production rights of 187 000ha of gas fields across Welkom, Virginia and Theunissen, in the Free State, raised concerns yesterday over what it claims is the unauthorised solar facility construction by Springbok Solar in an area of Virginia designated for future natural gas extraction. SOLA counter-claimed yesterday that the company has followed all legal procedures and obtained necessary permits for the solar plant’s construction. Renergen, which holds a valid onshore petroleum production right under the Mineral and Petroleum Resources Development Act (MPRDA) since 2012, said Springbok Solar began building its project without obtaining…

As South Africa prepares for its much-anticipated Medium-Term Budget Policy Statement (MTBPS) tomorrow, investors are treading carefully, looking for signals from the new administration that could guide both the local currency and the economy. This iteration of the MTBPS marks the first under the new government, and comes just over 100 days since its formation, adding a layer of uncertainty to financial markets. The local currency wavered between R17.60 and R17.70 to the greenback yesterday, with a few moves either side before settling at R17.69/$1 by 5pm, while the JSE’s all share index showed steady but slow gains throughout the day to end 0.7% higher at 87 644 index points. Despite the dollar’s strength, the rand has held steady, trading around R17.72 with resistance at R17.80 and support at R17.35,…

I have no children, but I know that losing a child is a devastating experience for any parent, so I understand the anger and fear when children are dying because of food poisoning. Politicians are driven by few things more than angry and fearful people blaming them for not adequately regulating the food their kids are eating, but formulating policy in the midst of a wave of fear and anger is going to almost always yield the worst outcomes. Foreign spaza shop owners are the go-to bad guys when just about anything goes wrong, despite there seldom being any evidence of their crimes, aside from perhaps illegal migration, which any sane person would agree is not a capital offence. Yet, it’s not terribly unusual to have mobs of South African…