● The South Africa Top 40 Index made a record high on Thursday, reaching R75 826.24, subsequently followed by a 4.8% drop amid recession fears from the global market.
● The Department of Statistics South Africa has released the annual consumer price inflation, which was at 5.1% in June 2024, down from 5.2% in May 2024. CPI increased 0.1% month-on-month in June 2024.
● Retail group Pick n Pay's recent R4 billion rights offers attracted over R8 billion in subscriptions, reflecting strong confidence in its brand and turnaround strategy. Over 98% of shareholders followed their rights, with R4.3 billion in excess subscriptions. The proceeds will be used to pay down debt, stabilise the balance sheet, and invest in the turnaround strategy, which includes leadership restructuring, store base resetting and enhancing its fresh food offering.
● Global mining giant, Glencore, is set to announce whether it will demerge its coal assets including its South African mines. The decision is set to be revealed alongside interim results on Wednesday. Despite a drop in half-year production across several units, Glencore has maintained its full-year 2024 production guidance and anticipates recovery in the second half of the year.
● Nedbank highlighted its digital achievements in the first half of the year even with moderate profit growth. The bank reported 8% growth in headline earnings to R7.91 billion and declared an interim dividend of R9.71 per share, up 11.5%. Active Nedbank Money app users grew 16% to 2.6 million, and transaction volumes on the digital banking portal increased 13% year-on-year. So far, the share price has surged over 20% in the third quarter of the year.
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