Besides the budget, a flood of results for JSE watchers
Murray & Roberts, Afrox, Pan African Resources and Capital & Counties release results
Besides the government’s budget, market watchers have a flood of financial results to digest on Wednesday.
The rand was relatively flat at R13.13/$ as the market awaited Finance Minister Pravin Gordhan’s presentation in Parliament, scheduled to start at 2pm.
Murray & Roberts releases its interim results on Wednesday. It warned shareholders on February 15 that its diluted headline loss per share for continuing and discontinued operations could be a low as 9c.
The group has issued “notices of disposal” revealing institutional investors Allan Gray, Coronation and Sanlam were sellers in the February 16 trading spike, which saw about 22% of its shares in issue changing hands. But who bought all these shares at a 34% premium remains a mystery.
On Monday, Murray & Roberts transferred from the JSE’s construction sector to its general industrials sector, saying this was more appropriate as it had sold its South African building businesses to focus on the global oil and gas industries.
African Oxygen (Afrox) said in a trading statement on January 30 it expected to report on Wednesday headline earnings per share (HEPS) for the year to end-December grew by between 31% and 41%. After the reporting period, Afrox announced it would receive R165m in tranches from ArcelorMittal SA to settle a legal dispute.
Pharmaceuticals group Adcock Ingram said on February 14 it expected to report on Wednesday its HEPS for the six months to end-December increased by between 45% and 49%.
Pan African Resources said in a trading statement on January 27 it expected to report on Wednesday its interim HEPS for the six months to end-December grew between 21% and 41%.
JSE-listed UK-focused property group Capital & Counties is also scheduled to release its results for 2016 on Wednesday.
Better than expected results from New York-listed Walmart Stores pushed its stock up 3% to $71.45, helping the S&P 500 index gain 0.6% to a record 2,365 points on Tuesday.