South African News and Market Update: The Foschini Group Limited – Retail Update for Q3, and more

 South African News and Market Update: The Foschini Group Limited – Retail Update for Q3, and more

South African News and Market Update.

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Shares on the local market fell on Friday, with the two main indices on the Johannesburg Stock Exchange forfeiting all their gains for the week on Friday, as poor earnings reports from the U.S. overshadowed the Chinese economic stimulus that boosted the market on Wednesday. The benchmark FTSE/JSE All-Share index fell 1.83% to end the week at 74,835 points, while the FTSE/JSE Top 40 index slipped 2.01% to 68,186 points. The 2030 government bond was slightly firmer, with the yield falling -4.5 basis points to 9.23%.

The rand held its ground on Friday after surging in the previous two sessions as the country’s inflation figures fueled expectations that the central bank could raise interest rates this week. At the close of trading, the local currency was trading around R15.14 against the dollar, 0.7% firmer. Also supporting the currency was that the World Bank approved a $750 million loan to help the country recover from the aftermath of COVID -19. The South African Reserve Bank (SARB) will hold its first monetary policy committee meeting of 2022 this week, with a decision expected on January 27.

Gold prices were little changed this morning as investors waited for the U.S. Federal Reserve meeting to confirm its rate hike path, while concerns over inflation and tensions between Russia and Ukraine kept gold’s safe-haven appeal intact. Meanwhile, oil prices jumped this morning as geopolitical tensions in Eastern Europe and the Middle East added to concerns about an already tight supply situation, while OPEC and its allies continue to struggle to increase output.

MR PRICE GROUP LIMITED – Trading Update for the 13 weeks ending January 1, 2022

During the third quarter from October 3, 2021 to January 1, 2022 (the “Period”) of the fiscal year ending April 2, 2022 (FY2022), the Group recorded growth in retail sales and other income (“RSOI”)of 19.2% to R9.3 billion. This includes the recently acquired Power Fashion and Yuppiechef businesses, excluding which RSOI increased by 7.2% to R8.3 billion. The Group attributes its positive momentum to the strong execution of its diversified and differentiated Fashion Value business model. Retail sales in South Africa grew 5.8% (comparable stores 4.0%) to R7.4 billion. In-store sales increased 6.0% as consumers became more comfortable with physical retail again.

THE FOSCHINI GROUP LIMITED – Retail Update for Q3 FY2022

Strong performance in Q3 FY2022 with Group retail sales growth of 17.3% vs. Q3 FY2021. FY2021, with significant growth during the key Black Friday period (growth of 19.3% in November 2021 compared to November 2020) and over the Christmas period (growth of 19.8% in December 2021 compared to December 2020). TFG Africa delivered strong retail sales growth of 17.3% in Q3 2022 compared to Q3 FY2021 (with November 2021 growth of 13.9% compared to November 2020 and December 2021 growth of 23.0% compared to December 2020 encouragingly exceeding expectations). Cash retail sales growth for TFG Africa of 16.6% for Q3 FY2022 compared to Q3 FY2021 and 41.6% for the nine months ending December 2021.

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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