Busy day ahead on the JSE for market watchers
Thursday is an extremely busy day for market watchers, with at least a dozen JSE-listed companies scheduled to release results.
These include the largest company measured by market capitalisation in the JSE’s indices — British American Tobacco (BAT).
Although Anheuser-Busch InBev, with a market capitalisation of R2.1-trillion, is bigger than BAT’s R1.8-trillion, AB InBev is excluded from the JSE’s indices to avoid the complication that its JSE-listed shares are viewed as foreign for institutional investors by the government. The foreign investment limit set for pension funds was raised to 40% from 35% in Wednesday’s budget.
BAT’s share price closed 1% lower in London at £445.0 and 1% lower at R726.50 on the JSE on Wednesday.
BAT is scheduled to release its results for the year to end-December on Thursday. It has not issued a trading statement, as would be required if its earnings differed by more than 20% from the previous year.
Nor has Anglo American. The parent group releases its results on Thursday following the results of its subsidiary Anglo American Platinum on February 19 and Kumba Iron Ore on February 13.
Another mining group scheduled to release results on Thursday is Sibanye-Stillwater. It warned shareholders on Wednesday that it would report a headline loss per share of $0.12 for the year to end-December.
Thursday’s crop of results include three big retailers: Woolworths; Truworths; and Massmart.
Woolworths warned shareholders on January 24 that it expected to report on Thursday that its interim headline earnings per share (HEPS) for the 26 weeks to December 24 declined by up to 17.5%.
The results will include a A$712.5m (about R6.6bn) write-down of the value of its Australian department store chain David Jones.
Truworths said on January 17 that it expected to report a small interim HEPS decline of up to 3% for the 26 weeks to December 31.
Massmart said on January 18 it expected to released its results for the 53 weeks to December 31 on Thursday. Massmart said its total sales for its 2017 financial year came to R93.7bn. It did not provide an earnings forecast.
Other companies scheduled to release results on Thursday include Intu Properties, African Oxygen, Blue Label Telecoms, Caxton, Spur and Mustek.