Cape Times 2022-06-07

ALEXFORBES lifted the annual dividend by 45 percent to 32 cents per share after the financial services company continued to make progress in its turnaround strategy, chief executive Dawie de Villiers said yesterday. Operating income increased 7 percent to R3.2 billion in the year to March 31, underpinned by “substantial success” in attracting new clients across all business segments coupled with strong investment performance, he said. Headline earnings per share from continuing operations grew 19 percent to 37.2c. A final dividend 20c per share was declared. “Our leaders have driven disciplined execution across the business and have cemented the positioning of our advice-led, integrated value proposition, resulting in substantial levels of new business flows in consecutive years,” he said. The strategy set out in 2019…

THE JSE CAN welcome two new counters to the exchange after seeing numerous delistings in the past few years: Southern Palladium, a palladium explorer and developer, and CA Sales, which operates within the fast-moving consumer goods industry and delivers services to blue-chip manufacturers, locally and internationally. The JSE has roughly 314 listings. Last year, it lost 25 listings; in 2020, a total of 20 companies delisted; and, in 2019, there were 24 delistings as companies cited the high cost of compliance. Earlier this year, a report by professional services firm PwC found the reduction of initial public offerings and capital raising in 2021 indicated that Africa may be falling behind the international market’s ability to leverage the private sector in order to create investment and wealth. Investor relations experts speculated…

HULAMIN, the Pietermaritzburg-based aluminium product manufacturer, saw its share price slump a massive 23.9 percent yesterday after it announced that a potential, as yet unnamed, buyer of the firm had withdrawn its interest. The share price was last seen at R3.78 per share yesterday afternoon. Last October Hulamin said it had received “an expression of interest to acquire the business.” At the time, Hulamin’s board saw the potential transaction as beneficial, and lengthy discussions took place. The parties had concluded on a deal price that was considered fair to the shareholders by an independent board and which constituted a substantial premium to the current Hulamin share price. The offeror also undertook a comprehensive due diligence, which was successfully completed to their satisfaction. However, the offeror was unable to…

World market sentiment was boosted by optimism around easing of lockdowns in China SASOL rallied to a five-year high yesterday, boosting the JSE all share index to a one-week high in intraday trade, as the global price of Brent crude oil surged to $120 (R1 861) a barrel again as fear of shortages persisted. This despite Saudi Arabia sharply raising prices for its crude sales for next month, highlighting tight global supplies even after Opec+ countries agreed to accelerate output increases in July and August. Saudi Arabia yesterday raised the official selling price for its flagship Arab light crude bound for its main Asian market and to northwest Europe, while holding the premium steady for barrels going to the US. This followed sharp moves last week when Opec+ decided…

THE US INTERNATIONAL Development Finance Corporation (DFC) is evaluating making a loan of up to $500 million (R7.57 billion) to finance Renergen’s Phase 2 of helium and natural gas operations at the Virginia Gas Project. Comprising 187 000 hectares of gas fields across Welkom, Virginia and Theunissen in the Free State, South Africa’s only onshore gas exploration project accesses what is believed to be one of the richest helium concentrations globally. Renergen’s project has also generated excitement on the stock exchange, as evidenced by the rise in share price. The price came slightly off the boil by 3.34 percent to R37.94 yesterday morning, but it was still 81.53 percent higher over 12 months and 248 percent higher compared with three years ago. The company…

THERE is hope that the next La Niña season will bring less damaging rains than those experienced in the 2021/22 production season, thereby reducing the risk to local farmers. Agricultural Business Chamber (Agbiz) chief economist Wandile Sihlobo noted that only three months were left before the 2022/23 summer crop planting season begins in the eastern regions of South Africa. “Indications thus far from farmers we have interacted with are that they will likely stay on the job and boost plantings although the rising input costs like fuel, fertiliser and agro-chemicals are putting a strain on the sector. “A stronger indication of whether this story stands or not will be the release of the farmers’ intentions to plant data at the end of October. “The favourable rains in recent seasons have…