Amplats kicks off Anglo family results on Monday
Palladium’s strong run helped double Amplats’s headline earnings and triple its basic earnings
Anglo American Platinum (Amplats) is scheduled to release its 2018 financial year results on Monday ahead of sibling Kumba Iron Ore releasing its on Tuesday and its parent, Anglo American, on Thursday.
Amplats said in a trading statement that its headline earnings per share (HEPS) were expected to about double and its basic earnings to more than triple.
“The expected increase in headline earnings and basic earnings is primarily driven by a 13% increase in the rand basket price and improved operational performance,” the company said in its trading statement.
The rally in platinum group metal (PGM) prices has made Impala Platinum the JSE’s best performer over the past three months, with a 56% gain, followed by Sibanye-Stillwater’s 54%, with Amplats in third place with a 48% gain.
Platinum group metals miners have been helped by a strong rise in the palladium price, which has increased its lead to trade at $1447.72/oz on Monday morning against gold’s $1323.56/oz. Platinum itself has stagnated at around $800/oz for past seven months.
More information on how badly SA’s GDP did in 2018 will provided by Stats SA on Monday when it releases December’s tourist accommodation figures at 10am, land transport at 11.30am, and food and beverages sales figures at 1pm.
The rand was trading at $14.06/$ at 6.50am, firming from Friday’s $14.20/$.
It was at R15.91/€ and R18.15/£.
Asian markets indicated a good start to the week for the JSE. In Hong Kong, Naspers’s main asset, Tencent, was up 2% to HK$340.40 and in Sydney BHP was up 1.34% to A$36.96.