SA Company News:
The Johannesburg Stock Exchange All-Share Index closed 0.66% higher at the 84 425 level.
In a trading update from Naspers Limited, the company said that they expect prelim H1 core HEPS from continuing operations to increase by 87.2%-93.8% or 396-426 US cents vs year-ago of $454 cents. This excludes the gains relating to the selling down of Tencent and impairment charges impacting on earnings per share. Naspers’ Amsterdam-listed subsidiary company, Prosus, which owns a roughly $114 billion stake in Tencent, said it expects core headline EPS for the same period to rise 84%-93% to between 64 and 71 US cents. Headline EPS are expected to increase between 93%-102% to 50 to 55 US cents.
WeBuyCars reported strong financial results for the year ending September 30, 2024. Core Headline Earnings increased by 23.4% to R815.4 million, reflecting robust operational performance. Per Share Value grew by 9.9% to 217.4 cents, aligning with management’s guidance. The group achieved record levels in EBITDA, core operating profit, and core headline earnings, showcasing its resilience and operational efficiency in a challenging environment. The group achieved sales volumes exceeding 14 000 units in three of the last six months.
Coronation Fund Managers Limited released financial results for the year ended 30 September 2024. The company said that revenue increased by 7% to R3.91 billion from R3.65 billion in the prior year.
Earnings per Share (EPS) and Headline Earnings per Share (HEPS) both rose by 245% to 630.5 cents per share. Fund Management Earnings per Share increased by 273% to 617.1 cents, excluding fair value adjustments. Fund management earnings per share, excluding the impact of the SARS matter, amounted to 402.9 cents per share, an increase of 9% from 370.2 cents per share A final gross dividend of 228 cents per share was declared.
SA Economy:
Consumer inflation data for October will be released tomorrow. Consumer inflation eased to 3.8% y/y in September, down from 4.4% in August, with monthly inflation remaining subdued at 0.1%. Core inflation held steady at 4.1% y/y, with a monthly increase of 0.3%. Also due out tomorrow is data on retail sales for September. In August, volume sales surged to 3.2% y/y from 1.7% in July- a sixth consecutive month of expansion.
Global Economy:
The Euro Area trade surplus widened to €12.5 billion in September of 2024 from €9.8 billion in the same month of the previous year, above market expectations of €7.9 billion. Exports increased by 0.6% to EUR 237.8 billion, while imports decreased by 0.6% to EUR 225.3 billion.
Global Company:
The FTSE 100 closed 0.56% higher at 8 109. Heavyweight miners were among the top performers on the day, with Anglo American, Glencore, and Rio Tinto each adding more than 1% as prices of ferrous and base metals advanced.
The Hang Seng Index is trading 0.16% higher at 19 607. Technology and financial stocks led the gains, as traders continued to digest Chinese regulatory guidelines urging listed companies to bolster share prices through market value management such as share buybacks and cash dividends.
In China, the Shanghai Composite is down 0.59% at 3 304.
The Dow Jones Industrial Average closed 0.13% lower at 43 389, while the S&P 500 closed 0.39% higher at 5 893.
Tesla gained 5.6% following reports that President-elect Donald Trump’s team is exploring regulatory easing for self-driving vehicles. Investors are turning their focus to Nvidia’s earnings report due out tomorrow for insights into demand for its Blackwell AI chips. NVidia shares closed 1.3% lower.
Commodities:
Gold is trading higher by 1.4% at $2 622/oz, while Platinum is higher by 1.84% to $970/oz.
Brent crude was 2.93% higher at $73.14 a barrel.
Currencies:
The rand traded at R17.97 against the US Dollar, R22.77 against British Pound and R19.02 against the Euro.
The Euro is slightly firmer against the US Dollar to trade at $1.0584
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| Market Indicators | |||||||
| Commodities $ | Cross Currencies ($) | Major Indices | |||||
| Gold | 2622.76 | 1.40% | USD/ZAR | 17.97 | Top40 | 76224.61 | 0.59% |
| Platinum | 970.20 | 1.84% | GBP/ZAR | 22.77 | Dow 30 | 43389.60 | -0.13% |
| Brent | 73.14 | 2.93% | EUR/ZAR | 19.02 | S&P 500 | 5893.62 | 0.39% |
| Copper | 4.13 | 1.45% | EUR/USD | 1.0584 | FTSE | 8109.32 | 0.56% |
| Palladium | 1006.75 | 3.68% | USD/JPY | 154.42 | DAX | 19189.90 | -0.11% |
| Iron Ore | 100.05 | -0.15% | BITCOIN | 91406.00 | Shanghai | 3304.20 | -0.59% |
| Source: FACTSET | |||||||