| Monday 09 May 2022 Good morning Voornaam,
Today is the last time that the InceConnect name will appear in your inbox. As of tomorrow, you'll be receiving Ghost Mail each morning to kick off your day. This will include a new format and some exciting changes that I certainly hope you'll enjoy!
The market has ushered in a new era for me with a bright red day, which I hope isn't a sign of things to come! Friday was one to forget, with the JSE ALSI down nearly 2.5% and pain being felt across all indices. There was nowhere to hide really, with only a handful of stocks in the green.
One of those was supply chain solutions company Santova, with the company jumping nearly 13.9% on the news of an exceptional increase in earnings. In a trading statement related to the year ended February 2022, Santova guided that HEPS would skyrocket by between 166.4% and 171.4%. Th is is a HEPS range of between 125.40 cents and 127.75 cents. The share price closed at R6.33 on Friday.
Another strong performer on Friday was Mpact, which closed 6.15% higher on the day. The only news related to the company was that Gayatri Paper Mills has acquired a 10.2% stake in the company. When the market sees significant buying of a company's shares, investors tend to wonder whether future corporate actions may be on the table. As things stand, the market is aware that Caxton has strategic intentions to increase its stake in Mpact. This remains one to watch.
Pan African Resources has completed an underground drilling programme at Barberton Mines that included 68 underground diamond core boreholes. The company describes the outcome as being successful and significant high-grade drilling results. There's visible gold in several drill intersections. This helps the company understand the full geological opportunity o f its Barberton operations.
Anyone who follows Tito Mboweni on Twitter will know that although he is passionate about cooking, his culinary skills probably wouldn't earn many Vitality points. Nonetheless, Discovery announced that Mboweni has been appointed as a non-executive director of the company.
Glenrock is in the process of making a mandatory offer to the other shareholders of Universal Partners Limited, a Mauritian investment holding company listed on both the Stock Exchange of Mauritius (SEM) and the JSE. The formal offer documentation has been provided by Glenrock under Mauritian law. Universal Partners will issue a reply document (which deals with the merits of the offer and the opinion by the directors to guide shareholders in making a decision) on around 24th May.
After meeting all conditions precedent, Arden Capital has confirmed its delisting date as 24th May.
The CFO of Sasol sold shares in the company worth over R4.8 million. Although there are many reasons why directors may choose to sell their shares in the market, it's always worth taking note when the trade is large.
Net1 shareholders have approved a change in the company's name to Lesaka Technologies, Inc.
In the very unlikely event that you are a shareholder in Russian property investment fund Raven Property Group, please note that the company has published the circular dealing with the proposed delisting of its shares.
In my last ever feature article in this format, I decided to highlight MTN's African subsidiaries and their recent quarterly updates. When looking across the businesses, you can immediately see certain themes emerging.
There's also a new Magic Markets podcast for you. We welcomed Andries Retief (CEO of DHL Central and Eastern Europe) as our guest, giving us incredible insights into what is currently going on in that part of the world.
Finally, Chris Gilmour takes a look at the political and macroeconomic news that is moving markets.
I can't wait to send you Ghost Mail tomorrow morning! In the meantime, have a great Monday.
The Finance Ghost
|
|---|
|
|---|
Local and Offshore Market News |
|---|
|
|---|
| Disclaimer
Our content is intended to be used and must be used for informational purposes only. You must do your own analysis before executing any investments or strategic decisions, based on your own circumstances. We do not provide personalised recommendations or views as to whether an investment approach or corporate strategy is suited to the needs of a specific individual or entity. You should take independent financial advice from a suitably qualified individual who gives due regard to your personal circumstances.
Whilst every care is taken, we accept no responsibility or liability for any errors or omissions in any of our content.
The views, thoughts and opinions expressed in our content belong solely to the author or quoted individuals and/or entities, and not necessarily to the author's employer, organisation, committee or other group or individual, or any of our affiliates or brand partners. |
|---|
|
|---|
|
|
