JSE likely to cheer Chinese stimulus package
Calgro M3 blames its plunge in earnings on expropriation uncertainty, squatters and power problems
The JSE is likely to receive a fillip on Monday from the stimulus package the Chinese government unveiled at the weekend. The Shenzhen composite index jumped 5% and the Shanghai composite index gained more than 4% as Chinese stocks cheered the government's plans to boost the economy which include major tax cuts and loan guarantees. Good news for Naspers shareholders is its major asset, Tencent, rallied 2.7% to HK$289.60 ahead of the JSE's opening. The rand was trading at R14.38/$, R16.56/€ and R18.80/£ at 6.55am. Residential building developer Calgro M3 and retailer Verimark are expected to release results on Monday. Calgro said in a trading statement on October 18 it expected its interim headline earnings per share (HEPS) to be 3.11c, less than a tenth of the corresponding period's 47.71c. Basic earnings per share are expected to halve. Problems during the six months to end-August included illegal occupations of the land it is developing at Scottsdene and Fleurhof. The property dev...
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