JSE set for a slight recovery on Monday morning as major banks report
The JSE’s busy reporting period is still under way, with Absa, Old Mutual, AVI and Brimstone all due to release their results
Following last week’s declines, the JSE is likely to open slightly higher on Monday, taking its cue from Asian stock markets.
According to Bloomberg data, the trading week ended March 8 was the worst for global equities since mid-December.
Asian stocks had recovered some of those losses in early trade on Monday.
In Hong Kong, the Hang Seng index was 0.7% up at the lunch break while Tokyo’s Nikkei 225 index was 0.4% firmer after the break. Equities in South Korea were slightly weaker, however.
The JSE’s busy reporting period continues on Monday, with major banks Absa and Old Mutual due to report full-year numbers.
AVI is scheduled to report half-year numbers. The branded consumer products company warned of profit declines in January.
It said at the time that consolidated headline earnings per share (HEPS) for the six months ended December would decline by between 6% and 7%.
Group revenue was 0.2% higher in a “difficult” trading environment, the company said.
“December’s sales volumes were lower than last year including in Spitz which was unable to repeat last year’s record December sales volumes,” AVI said.
Brimstone, which warned earlier in March that it would swing to a loss, is also due to report annual numbers on Monday.
Meanwhile, the rand was flat against major currencies in early trade.
Against the dollar, it was at R14.43/$. Versus the pound, it was marginally stronger at R18.73/£, although it was marginally weaker against the euro at R16.21/€.