South African News and Market Update: REMGRO LIMITED – trading statement

 South African News and Market Update: REMGRO LIMITED – trading statement

South African News and Market Update.

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Stocks on the Johannesburg Stock Exchange posted another sharp decline. The major indexes fell more than 2% for the third time in as many months, triggered by the drop in commodity prices and reports of a possible fine by China against a technology company that hurt one of the major investors listed on the JSE. The benchmark All-Share index fell 2.42% to 71,904 points and the blue-chip Top 40 index lost 2.72% to 65,501 points.

The rand weakened on Monday as the rally in commodity prices eased and markets braced for interest rate hikes in the United States and Britain. Although the South African currency is considered a relatively risky asset, it has gained popularity in recent days as higher prices for gold, palladium and coal boosted prospects for higher export earnings for the resource-rich country. At the close of trading, the rand was trading around R15.11 against the dollar, 0.44% weaker.

Gold prices fell to their lowest levels in more than a week this morning as U.S. Treasury yields soared ahead of an expected interest rate hike by the Federal Reserve, and hopes for progress in talks between Russia and Ukraine further dampened the metal’s appeal as a safe haven. Meanwhile, oil prices sank to a two-week low today as ceasefire talks between Russia and Ukraine continued and demand in China worried after a COVID -19 spike.

ABSA GROUP LIMITED – Audited Summary of Consolidated Results

In the year to the endof December 2021, the number of customers decreased by approximately 100,000, or 3%, from 2.9 million to 2.8 million. However, compared to 2019, the number decreased by 10%. The company failed to replace the customers it lost during the worst of the Covid 19 pandemic. Total customers are up 1% from 2020 to 9.6 million, with growth coming mainly from the Middle Market (+3%) and Retail Affluent (+2%) segments. The impact on earnings will not only be felt in this segment (a R1 billion improvement in overall relationship banking earnings). These customers typically also have vehicle financing and/or home loans.

REMGRO LIMITED – trading statement

Remgro’s results for the six months ended 31 December 2021 (“Current Period”) are expected to be released on or about 24 March 2022 via the Stock Exchange News Service (“SENS”). Shareholders are advised that Remgro is expected to report earnings per share (“HEPS”) of between 580.0 cents and 605.0 cents for the Current Period, compared to HEPS of 247.4 cents for the six months ended 31 December 2020 (“Comparative Period”) (an expected increase of between 134.4% and 144.5%).

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.

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