SA Market Overview | 15 - 19 July
Outline
● The South African rand regained some strength on Tuesday, trading at R18.16 against the dollar, after dropping over 1% on Monday due to an assassination attempt on former US President Donald Trump. However, investors are focusing on the South African Reserve Bank's (SARB) upcoming interest rate decision on Thursday, with expectations that the SARB will keep rates unchanged for now but might cut them in September.
#USDZAR.
● President Cyril Ramaphosa's address to parliament, to outline the programme of the new administration.
Overview
● Murray & Roberts announced that its Cementation Americas business secured a R3.6 billion contract, highlighting its expertise in large underground mine construction projects. The company has been active in the Latin American market since 2003. Murray & Roberts' shares rose nearly 60% year-to-date.
#MUR
● Capitec expects headline earnings per share to rise by 25% to 35% for the six months ending in August, compared to the previous R4.7 billion. This improvement follows a period of high credit impairment charges due to inflation, high interest rates, load shedding and a tough economic condition. Capitec shares increased over 37% year-to-date.
#CPI
● Growthpoint aims to dump around R4 billion in property assets over the next two years as part of its capital recycling programme. The company plans to invest R2.3 billion in its core portfolio, and R1.6 billion into the logistics property sector, in order to simplify its business and improve asset quality. Growthpoint reported significant improvements in its local property portfolio, including reduced office vacancies, indicating a slow and steady recovery in South African property.
#GRT
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