JSE likely to rise on Cyber Monday
Pepkor will report an earnings drop of about 37%, as an increase in its shares in issue and provision for a loan backed by Steinhoff shares take their toll
The JSE will have a buoyant Cyber Monday, judging by Tencent, which was up 1.92% to HK$296.80. Hong Kong-listed Tencent is the main asset of the top 40 index’s largest constituent, Naspers. The top 40’s second-largest constituent, BHP, however, was down 3.55% to A$30.43 in Sydney ahead of the local bourse’s opening. JSE-listed companies diarised to release results on Monday include Pepkor. The retail group warned shareholders on November 20 that it expected its basic and headline earning per share for the year to end-September to fall by about 37%. Pepkor, which was split from Steinhoff International a few months before its parent group’s share price crash in December 2017, said reasons included increasing its shares in issue by 28% and booking a R500m provision for debt. In its interim results, the group, which was then called Steinhoff Africa Retail (Star), said it was party to a guarantee of third-party debt underpinned by Steinhoff International’s share price. “Since the decline...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.