South African News and Market Update: Aspen signs contract to package and sell J&J Covid vaccine

 South African News and Market Update: Aspen signs contract to package and sell J&J Covid vaccine

South African News and Market Update.

Spread the love

The benchmark All-Share Index closed yesterday down 1.28% at 72,360 points, the lowest since January 24 and the fourth consecutive daily loss. The blue-chip Top 40 index closed down 1.31% at 66,262 points. Energy and consumer cyclical companies were the biggest losers, while tech giant Naspers was among the stocks that gained ground. Locally, the focus was on gross domestic product data for the October-December 2021 period, which showed the economy grew 1.2% in the quarter after contracting 1.7% in the previous three months, driven by a rebound in manufacturing and agriculture.

The rand maintained its losses Tuesday afternoon as concerns over the Russia-Ukraine conflict persisted, while traders also digested domestic GDP figures that were broadly in line with expectations of a recovery from the coronavirus pandemic. The rand was trading around R15.22 against the dollar at the end of the session, 1% firmer. South Africa’s higher exposure to commodities such as gold and palladium has helped limit the currency’s losses as the conflict weakens investors’ appetite for riskier assets.

Gold prices held up this morning after hitting a 19-month high in the previous session, as a stronger dollar and higher Treasury yields supported safe-haven demand related to the Ukraine crisis. Meanwhile, oil prices rose this morning as the U.S. freeze on Russian oil imports and the U.K.’s plan to phase them out by the end of the year raised fears of tightening global supplies. Oil prices have risen more than 30% since Russia, the world’s second-largest crude exporter, invaded Ukraine. Fears of further oil supply disruptions in the wake of escalating sanctions against Moscow have spurred buying, analysts said.

SHOPRITE HOLDINGS LIMITED – Unaudited consolidated results

Pieter Engelbrecht, chief executive officer, said, ” The group’s exceptional revenue and profit growth in the first half of our 2022 is a testament to Shoprite’s capable people, who have joined forces to serve the group’s millions of customers in South Africa and Africa. Our South African supermarket business, which accounts for 79.5% of Group revenue, increased its sales by 11.3%. Although two of our large format Checkers Hypers are still closed due to the July 2021 unrest, all our supermarket brands grew sales ahead of the market. Shoprite and Usave, which together account for 52.5% of our Supermarkets RSA operating segment, increased sales by 7.3%.

Aspen signs contract to package and sell J&J Covid vaccine

South African drugmaker Aspen Pharmacare on Tuesday signed an agreement with Johnson & Johnson to package, sell and distribute the U.S. group’s Covid-19 vaccine under its own brand in Africa. In November, Aspen had begun talks with J&J on a licensing agreement that would give the company the freedom to sell and distribute the vaccine under its own brand. The agreement also allows Aspen to “discuss expanding the agreement to include new versions of the compound, such as those developed for new variants or a different formulation for administration as a booster.”

Mandy Nunes

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

Related post