- The Johannesburg Stock Exchange’s Top 40 index closed 0.17% higher at 60,494 points and the broader All-Share index was up 0.27% at 67,029 points. Drugmaker Aspen Pharmacare and pharmacist Clicks led the blue-chip index, rising 3.6% and 3.4% respectively. On Friday, South African Health Minister Joe Phaahla announced that the country would start vaccinating children aged 12 to 17 against COVID -19 and that it was considering giving high-risk healthcare workers a boost with Johnson & Johnson’s vaccine.
- The rand firmed on Friday and was on track for a weekly gain thanks to a weaker dollar and higher commodity prices, while stocks were only slightly higher. At the close of trading, the rand was trading R14,55 firmer against the dollar, or 1,57%.
- Oil prices hit their highest level in years this morning as demand continues to recover from the COVID -19 pandemic and power generators increasingly switch from expensive gas and coal to heating oil and diesel. Gold prices rose slightly this morning, recouping some losses after a steep sell-off in the previous session, as US bond yields and the dollar eased and the precious metal regained its appeal.
Mediclinic International expects half-year sales to rise
The group expects a significant recovery in group earnings before interest, tax, depreciation and amortisation (Ebitda) to around 15.5%, compared with 12.1% in the previous corresponding period. Effective cost management has enabled the Group to reduce its net debt and improve its cash conversion targets to around 100% of Ebitda, compared to 42% in the previous comparative period. “The group’s continued financial discipline and resilience was demonstrated by the increase in cash and available facilities in the first half to around £770m (1H21: £661m and FY21: £679m),” the group said.
KAROOO LIMITED – Unaudited second quarter and first half 2022 results
Karooooo’s strong growth momentum in subscriber numbers continues. Despite the loss of revenue caused by the July 2021 social unrest in South Africa and the global impact of the pandemic, our business model has increased the number of new subscribers by 20% to 1,408,609 subscribers as at 31 August 2021 (Q2 2021: 1,175,173). Net new subscribers increased by 1% to 42,139 (Q2 2021: 41,626). The Group recorded an operating profit of ZAR346 million in H1 2022 (HY 2021: ZAR368 million), 6% lower than H1 2021. Profit for H1 2022 decreased by 12% to ZAR231 million (HY 2021: ZAR262 million).