South African News and Market Update: Clicks continues to expand with plans to open 11 baby stores, and more

 South African News and Market Update: Clicks continues to expand with plans to open 11 baby stores, and more

South African News and Market Update: Clicks continues to expand with plans to open 11 baby stores, and more.

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  • Among the gainers on the Johannesburg Stock Exchange’s blue-chip index on Thursday were luxury goods maker Richemont and retailer Mr Price, both up 1.3%. Among the decliners were mining company Exxaro and petrochemical company Sasol, which fell 5.4% and 4.7% respectively. The Johannesburg Stock Exchange’s top 40 index closed down 1.35%, while the JSE’s all-share index lost 1.25%.
  • The rand fell on Thursday as risk aversion spread across global markets. At the close of trading, the rand was trading at R14.68 to the dollar, down 1.97%. Some analysts attributed the poor market sentiment to rising global inflation, China’s economic slowdown and concerns over property developer China Evergrande Group, which is in danger of default, among other factors.
  • Gold prices rose for the second time this week this morning as a weaker dollar provided some relief amid higher U.S. bond yields and rising expectations that central banks may begin easing stimulus support. Oil prices continued to rise this morning on continued tightening US supplies, but trended flat at the close of the week as coal and gas prices softened and the switch to other fuels that had fueled demand for oil products for power generation was muted.

Clicks continues to expand with plans to open 11 baby stores

South Africa’s largest healthcare retailer, JSE-listed Clicks Group, continues to expand despite ongoing Covid 19 pressures and the impact of the July riots on its business. Clicks executives told investors and analysts during its 2021 annual results webcast on Thursday that the group remains committed to opening new stores and has a target of opening 900 stores in the next few years. The group’s outgoing CEO Vikesh Ramsunder said Clicks crossed the 750-shop mark at the start of the financial year and currently operates 782 stores (including the recent acquisition of 25 Pick n Pay in-shop pharmacies). In his results presentation, he gave an update on the group’s expansion plans for its flagship Clicks retail chain, including the opening of 11 Clicks Baby stores.

Land Bank able to pay off R11.4bn after default last year

The troubled state-owned Land & Agricultural Development Bank says it has paid R11.4 billion to its lenders. This means it has reduced its debt by 28% since it defaulted on its funding obligations in April last year. The bank says it has been able to reduce funding liabilities through normal collection of customer instalments, settlement of facilities when customers move to other financial institutions and disposal of non-core assets. “Some of these funds were used to provide much needed support to Land Bank’s existing customers,” the bank said. The bank’s financial position has been bolstered by a R3 billion government bailout package from last year and a further R7 billion earlier this year, which will be disbursed over the next three financial years.

Mandy Nunes

https://gvmarkets.com/

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.

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