South African News and Market Update: Gold Fields Ltd – Voluntary trading statement

 South African News and Market Update: Gold Fields Ltd – Voluntary trading statement

South African News and Market Update.

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The Johannesburg Stock Exchange’s Top 40 index rose 0.83% to 70,106 points yesterday, and the broader All-Share index climbed 0.78% to 76,691 points. Shares in paper and packaging group Sappi closed nearly 15% higher as investors welcomed first-quarter results. Later in the day, South African manufacturing and mining figures for December will be released, and President Cyril Ramaphosa is expected to deliver his annual State of the Nation Address (SONA), where he usually announces reforms.

The rand firmed on Wednesday, although investors took a cautious stance ahead of the release of economic data and the president’s address to parliament later in the day. At the end of the day, the rand was trading 0.93% firmer at R15.21 against the dollar.

Oil prices were mixed today after rising in the previous session on an unexpected drop in U.S. crude inventories as investors await the outcome of nuclear talks between the U.S. and Iran, which could lead to a rapid increase in crude supply on global markets. Gold prices moved in a narrow range this morning as investors awaited U.S. inflation data that could provide fresh clues about the pace of monetary tightening by the Federal Reserve

SAPPI LIMITED – First Quarter Results

The Group generated EBITDA excluding special items of $240 million, a significant improvement over the previous quarter and more than double the comparable quarter in 2021. Robust market demand across all product segments combined with the enforcement of higher selling prices to offset rising costs and a focus on optimising the product and customer mix enabled the growth. An additional sales week in the quarter increased sales and boosted EBITDA by approximately $25 million. Earnings per share excluding special items were 20 U.S. cents in the quarter, a significant improvement over the previous quarter’s 11 U.S. cents and illustrating the excellent recovery in profitability.

GOLD FIELDS LIMITED – Voluntary trading statement

Gold Fields Limited advises that basic earnings per share for the 12 months ended December 31, 2021 (FY 2021) are expected to be between US$0.88 and US$0.94 per share (US$0.05 to US$0.11 per share higher), which is 6% to 13% higher than the basic earnings of US$0.83 per share reported for the 12 months ended December 31, 2020 (FY 2020). Basic earnings per share for FY 2021 are expected to be between $0.82 and $0.88 per share ($0.00 to $0.06 per share higher), which is 0% to 7% higher than the basic earnings of $0.82 per share reported for FY 2020. Normalised earnings per share for FY 2021 are expected to be between $1.02 and $1.08 per share ($0.02 to $0.08 per share higher), which is 2% to 8% higher than normalised earnings reported for FY 2020.

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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