SIMPHIWE NKWALI, THE SUNDAY TIMES
SIMPHIWE NKWALI, THE SUNDAY TIMES

Monday may be a good day for Sasol and other oil-price related shares, but another bad day for Naspers, which is likely to follow Tencent lower.

The Brent crude oil price was 2.42% higher at $71.31 a barrel and West Texas Intermediate (WTI) was 1.9% higher at $60.88 a barrel ahead of the JSE’s opening.

Oil prices halted a four week slide after a meeting of producing nations at the weekend failed to reach an agreement to reduce supplies.

Standard Bank’s WTI price tracking exchange-traded note reached a peak of R16.57 on October 4 and has since lost nearly a quarter of its price.

Oil on the rebound
Image: Iress

Naspers’s main asset, Tencent, was down 1.93% to HK$273.80, taking its cue from the Nasdaq composite index, which fell 1.65% on Friday.

The health of SA’s telecoms industry will be in focus this week, with Vodacom scheduled to release its interim results on Monday and its former parent, Telkom, on Tuesday.

Vodacom has not issued a trading statement, as would be required if its earnings differed by more than 20% from the first half of its previous financial year.

Rebosis Property Fund warned shareholders in a trading statement released at 5.50pm Friday that it expected to report on Monday that its final dividend had been cut to about half of the 67.55c in paid in the second half of its previous financial year.

Rebosis said this was due to it receiving no dividend from New Frontier Properties and increased finance costs.

The rand strengthened at the weekend to trade at R14.31/$, R16.20/€ and R18.51/£ at 7am.

laingr@businesslive.co.za