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Local News and Market Update: Foschini profits jump, and more.

Local News and Market Update: Foschini profits jump, and more

Stock markets around the world rallied Thursday as the U.S. temporarily unblocked a political stalemate that threatened to push the United States into default. Overall, the FTSE/JSE All-Share Index rose 0.53% and the FTSE/JSE Top 40 Companies Index closed up 0.47% on Thursday as Markets mostly rise as US default fears recede The dollar trended mixed against its major peers ahead of U.S. jobs data expected on Friday. The rand last traded at R14.93/$.

Oil prices rose on Friday and are up 4.2% this week on signs that some industries have begun switching from expensive gas to oil and doubts that the U.S. government will release oil from its strategic reserves for now.

Santam accepts court judgement against them, says that about 1,000 claims are involved

The Supreme Court of Appeal (SCA) has dismissed Santam’s appeal regarding the applicable business interruption compensation period for Ma-Afrika Hotels and The Stellenbosch Kitchen. This means that the insurer must pay business interruption benefits to the establishments for 18 months – unless it decides to take the matter to the Constitutional Court. However, in a statement, the company said it “accepts the outcome of the appeal, which provides the legal clarity the company has been seeking”. The court ruled that the 18-month indemnity period referred to by Ma-Africa in the main body of its business interruption policy, which deals with property damage, also applies to the extension of the policy to include contagious and infectious diseases.

Foschini expects profits to jump, but 29 stores remain closed due to looting

In a trading statement for the six months to the end of September, Foschini Group said it expects earnings per share of more than 364.0 cents per share – compared with a loss of 91 cents per share. Following civil unrest in KwaZulu-Natal and Gauteng in July, the company said it will claim R613 million from insurer SASRIA. So far it has received R200 million. Further payments are expected in the second half of the financial year. In the robberies, 198 stores were looted and damaged. 29 of these remain closed and will not reopen until 2022 due to extensive structural damage.

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