SA Market Overview 9 - 13 September
Outline
● South Africa aims to exit the Financial Action Task Force's greylist by June or October 2025, upon completion of all required action by February. The country has addressed 8 of the 22 flagged issues and must finalise the remaining by early 2025 for a potential visit in May to determine its compliance.
Overview
● Attacq's Mall of Africa is in high demand, with vacancies below 1%, giving the property owner leverage in negotiations with new tenants. The company saw strong growth across its retail portfolio, with rentals increasing by an average of 6.8% and trading volumes rising nearly 8% at the mall. Attacq also acquired full control of the Mall of Africa, boosting its distributable income by 20%.
#ATT
● WBHO reported a 17% increase in earnings, driven by strong activity in South African projects, particularly the roads and earthworks division, which saw revenue increase 30%. The group paid a final dividend of R2.30 and expects continued growth due to a pipeline of upcoming infrastructure work.
#WBO
● South Africa's largest retirement fund administrator Alexforbes, processed over 78 000 withdrawal claims in the first week of the two-pot retirement system, worth R1.5 billion. Alexforbes anticipates R55 billion in withdrawals in the first year, highlighting the importance of educating members on making sound financial decisions.
#AFH
Disclaimer:
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** This article was prepared by BROKSTOCK analyst Maboko Seabi
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