South African News and Market Update: Mediclinic’s first-half profit more than triples, and more

 South African News and Market Update: Mediclinic’s first-half profit more than triples, and more

South African News and Market Update: Mediclinic’s first-half profit more than triples, and more.

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  • The Johannesburg Stock Exchange’s Top 40 index closed up 1.37% at 62,382 points yesterday, while the broader All-Share index closed up 1.25% at 69,132 points. Gold and platinum companies were the biggest gainers for the second day in a row. Gold prices approached a five-month high on Thursday. Anglo American Platinum closed 7.23% higher, followed by Anglo American Plc’s local listing, up 5.8%, and Impala Platinum Holdings, up 5.4%.
  • The rand gained and local bond yields fell on Thursday after the government pledged to cut the budget deficit and reduce debt in its medium-term budget plan. At the close of trading, the rand was trading around R15.29 against the dollar, 0.95% firmer. Despite bubbling tax revenues and growing calls for the introduction of a new basic income (BIG) for the unemployed, Finance Minister Enoch Godongwana did not give much space to the idea in his first Medium-Term Budget Policy Statement (MTBPS) speech on Thursday.
  • Gold trended flat this morning but was on track for its biggest weekly rise in six months as high US consumer prices fueled interest in the metal. Consumer prices boosted interest in the metal as a hedge against inflation. Meanwhile, oil prices slipped today, erasing gains from the previous session, as the dollar rose further on bets that the Federal Reserve will bring forward its plans to raise interest rates to curb inflation. On the demand side, there are positive signs as air travel is growing rapidly, but tighter monetary and fiscal policy and the impending northern hemisphere winter will prove to be dampeners

Mediclinic’s first-half profit more than triples

Hospital chain operator Mediclinic International said Thursday its profit more than tripled in the first half ended Sept. 30 from a year earlier, approaching pre-pandemic levels as people returned for non-Covid treatment. However, the London-based, South African-owned company did not resume dividend payments, which had been suspended for a year, as it sought to preserve cash. Mediclinic, with hospitals in southern Africa, Europe and the Middle East, reported earnings per share – the main measure of corporate profit in South Africa – of 8.8 pence, compared with 2.4 pence in the same period last year. The company reported a 12% jump in revenue to 1.58 billion pounds ($2.14 billion) for the first half of the year compared with the same period last year.

TFG returns to profit as it resumes dividend payout

South African fashion retailer TFG said on Thursday it had returned to profit in the first half of the year. The company has recovered from Covid-19 restrictions that led to the closure of stores in its markets. TFG, formerly known as The Foschini Group, announced it was resuming dividend payments after suspending them last year, declaring an interim payout of 170 cents per share. The clothing, homeware and jewellery retailer said earnings per share (HEPS), the key profit metric in South Africa, was 393.4 cents in the six months to September 30, compared with a loss of 83.3 cents in the same period last year. The group’s retail sales rose 51.8% to R19 billion ($1.26 billion).

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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