HomeMarket OverviewSA Market Overview 16 - 20 September

SA Market Overview 16 - 20 September

17-09-2024
SA Market Overview 16 - 20 September

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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