SA Market Overview 16 - 20 September
17-09-2024
Outline
- The rand has held steady against the dollar, trading at R17.63 as of Tuesday. If the rand continues to strengthen, the next support level will be R17.41; if it breaks below this level, the next support level will be around R16.84.
Overview
- African Rainbow Capital (AIL) reported 8.5% growth in intrinsic net asset value (INAV) per share, reaching R12.38, and a 21.5% rise in overall INAV, amounting to R18.6 billion. Key contributors to this growth were TymeBank and Linebooker, with TymeBank expanding its customer base and Linebooker securing international clients. AIL is focused on future investments, particularly in fintech and renewable energy. The share price is currently trading at R7.18.
- Hyprop’s (HYP) shares reached their highest level since March 2020, trading in the R43 region on Tuesday. However, it reported an 8.7% decline in income growth for the financial year ending June 2024. The stock has rebounded strongly from its pandemic low of R14.67, driven by a better-than-expected performance in its South African and Eastern European portfolios. Investors are now focused on the group’s full-year results and dividend guidance for the 2025 financial year, as the SA Reit sector has surged over 24% year-to-date.
- Truworths (TRU) reported modest sales growth of 3.9% to R20.7 billion for the financial year ending June 2024, with headline earnings per share (Heps) declining 6.3% and total dividends per share dropping to R5.29. The retailer cut its debt by R540 million and generated R4.7 billion in operational cash. However, Truworths faced challenges due to port delays, a weakening consumer credit environment, and high interest rates affecting its predominantly credit-based sales.
Disclaimer:
*Any opinions, views, analysis or other information provided in this article is provided by BCS Markets SA trading as BROKSTOCK as general market commentary and should not be viewed as advice according to the FAIS Act of 2002. BCS Markets SA does not warrant the correctness, accuracy, timeliness, reliability or completeness of any information provided by third parties. You must rely upon your judgement in all aspects of your investment decisions and all decisions are made at your own risk. BCS Markets SA and any of its employees shall not be responsible for and will not accept any liability for any direct or indirect loss including without limitation any loss of profit which may arise directly or indirectly from use of the market commentary. The content contained within the article is subject to change at any time without notice. BCS Markets SA is an authorised financial services provider FSP No. 51404.
** This article was prepared by BROKSTOCK analyst Maboko Seabi
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BCS Markets SA (Pty) Ltd. is an authorized Financial Service Provider and is regulated by the South African Financial Sector Conduct Authority (FSP No.51404). BCS Markets SA Proprietary Limited trading as BROKSTOCK.
The materials on this website (the “Site”) are intended for informational purposes only. Use of and access to the Site and the information, materials, services, and other content available on or through the Site (“Content”) are subject to the laws of South Africa.
Risk notice Margin trading in financial instruments carries a high level of risk, and may not be suitable for all users. It is essential to understand that investing in financial instruments requires extensive knowledge and significant experience in the investment field, as well as an understanding of the nature and complexity of financial instruments, and the ability to determine the volume of investment and assess the associated risks. BCS Markets SA (Pty) Ltd pays attention to the fact that quotes, charts and conversion rates, prices, analytic indicators and other data presented on this website may not correspond to quotes on trading platforms and are not necessarily real-time nor accurate. The delay of the data in relation to real-time is equal to 15 minutes but is not limited. This indicates that prices may differ from actual prices in the relevant market, and are not suitable for trading purposes. Before deciding to trade the products offered by BCS Markets SA (Pty) Ltd., a user should carefully consider his objectives, financial position, needs and level of experience. The Content is for informational purposes only and it should not construe any such information or other material as legal, tax, investment, financial, or other advice. BCS Markets SA (Pty) Ltd will not accept any liability for loss or damage as a result of reliance on the information contained within this Site including data, quotes, conversion rates, etc.
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