JSE’s retail results season kicks off
Retailers will be in focus on Thursday, with Pick n Pay and Clicks scheduled to release results.
Pick n Pay has not issued a trading statement, indicating its earnings for the 52 weeks to February will be within 20% of its 2017 financial year’s.
Clicks also has not issued a trading update, but in a business update on January 22 said sales at its flagship chain for the first 20 weeks of the first half of its financial year had grown 14.2%, and group turnover had grown 11.3%.
Massmart’s share price fell 0.83% to R165.28 on Wednesday after issuing a downbeat sales update for the 12 weeks to March 25.
"The group’s sales performance for the first 12 weeks of 2018 has been soft, which is a trend noted by other participants in South African retail. Total sales growth is slightly positive while comparable sales growth is slightly negative, with product deflation of 0.4%," Massmart said.
Financial services group PSG said on its website it would release its results for the year to end-February on Wednesday.
Statistics SA is scheduled to release February’s civil cases for debt at 9am, wholesale trade sales at 10am, motor trade sales at 11.30am, and building statistics at 1pm.
Asian markets were buoyant ahead of the JSE’s opening on Thursday, with Naspers’s 31%-owned associate Tencent up 1.25% to H$405, contributing to a 1.3% gain for Hong Kong’s Hang Seng index.
The rand strengthened all the way from R12.06 t the dollar on Wednesday to trade at R11.92 to the dollar at 6.40am.
The rand was at R14.76 to the euro and R16.93 to the pound.