Here’s what caught our consideration on Friday:
1. Election outcomes: ANC requires lead
The ANC appears set to remain in manage following Wednesday’s election. Final results as they stand give the celebration a significant lead nationally more than the DA and EFF. As of Friday morning, 3 quarter of the votes had been counted and 25% of the ballots stay. The ANC has so far secured 57% of the vote, the DA is just above 20% and the EFF is on practically 10%. Though the ANC is taking the lead, this is stated to be the ruling party’s greatest slip in help and overall performance. Provided the existing vote count, analysts are predicting that the ANC will safe about 59% of votes, down from 62% in the prior common elections.
The final outcome is due on Saturday.
Study: ANC set to retain energy in South Africa but help slips
Private house rights: What occurs subsequent?
two. Kaap Agri releases interims
Agricultural retail and trade firm, Kaap Agri published its interim outcomes for the six months ended March 31 2019 on Friday, in which it highlights a 1.four% improve in headline earnings per share to 224.17 cents and a three.two% improve in recurring headline earnings per share to 230.34 cents. The firm says outcomes in the course of the period was impacted by the ‘slower-than-anticipated recovery’ of agricultural circumstances in the Western Cape as effectively as the persisting drought in the Northern Cape. The company’s income improved by 28.7% to R4.four billion on the back of an improve in the quantity of transactions. An interim dividend of 33.50 cents per share has been declared, up four.7%.
three. Lonmin enterprise and production update
PGM mining firm, Lonmin, which is facing a feasible takeover by Sibanye-Stillwater, is reporting an improve in operating profit to $70 million in the course of the initially six months ended March 31 2019, this compares to an operating loss of $32 million in H1 in 2018. The improve was driven by greater PGM costs and a weaker rand to dollar exchange price. Through the second quarter, nonetheless, mining production was down eight.four% compared to Q2 in 2018, but the firm says it ordinarily expects a far better overall performance in the second half. It says operational overall performance in the course of the six months was impacted by low morale and higher management turnover as a outcome of the extended timeline close to the Sibanye-Stillwater transaction due to Amcu’s appeal to the Competitors Appeal Court as effectively as energy outages due to Eskom.
four. MTN share price tag soars
MTN is pretty much set to list on the Nigerian stock exchange right after it was cleared for missing a deadline to file a challenge against a $two billion tax demand. The firm has been in loggerheads with the Nigerian authorities, which knocked its share price tag down more than a couple of months. It does nonetheless appear to be creating a constructive comeback right after its shares soared on the back of its clearly communicated strategy to deal with concerns at hand. Moneyweb is reporting that involving March six, and May well 9, when it published its Q1 trading update, its share price tag improved by 36%. The firm also stated it added four million subscribers in the course of the period.
Study: MTN’s share price tag up 36% in two months
five. Rand update
The rand was largely unchanged in early trade on Friday as vote counting comes to a close. In the US, PPI remained steady, but Trump’s imposed tariff hike on Chinese goods is most likely to outcome in volatile currency movements. On Friday, the rand was at R14.29 to the dollar at eight:55.