Sun International’s annual earnings have increased by more 80%, as its Covid-19 recovery continues.
Resorts and hotels had a 62% earnings increase to R977 million and Sun Slots saw income growth of 15%, while Sun Bet’s grew by 34%. The deal is worth R1.5 billion. Grindrod Bank has a big corporate and business banking customer base in SA who had deposited just over R11.2 billion with it at the end of 2021.Asian markets mostly fell Tuesday as investors struggled to maintain a recent rally while weighing central banks' inflation-fighting rate hikes and the possibility of a recession.
Hong Kong was among the big losers, with tech firms reversing the previous day's surge, while there were also losses in Shanghai, Tokyo, Seoul, Singapore, Taipei, Jakarta and Wellington.Another pledge by the central People's Bank of China to provide support to the world's number two economy had little impact on sentiment.
Oil prices jumped, building on a rally that has seen Brent and WTI pile on more than eight percent since Wednesday. Both main contracts had fallen heavily earlier in the month on recession worries. The company finally blew the JSE's kudu horn on Monday morning. The company, which will fall under diversified retailers, anticipates an initial market capitalisation of about R2.2 billion. It has floated 461.4 million shares on the JSE's main board.
E-commerce fashion platform Superbalist, saw a 55% revenue jump and an improvement of almost 2 percentage points in its trading loss margin, to 7%. Earlier, London stocks rallied 2.7 percent with investors brushing aside news of bruising defeats for Britain's ruling Conservatives in by-elections on Thursday.
But he warned that stock markets remain"vulnerable to another onslaught if the news does not improve".Asian stock markets closed higher after Thursday's gains on Wall Street. Analysts have been pointing to falling commodity prices, a primary driver of inflation, in the face of a possible recession reducing the need for sharp interest rate hikes as one possible explanation for the renewed bullish sentiment on equity markets.Stocks rose in Asia on Friday following another rally on Wall Street as investors try to process central bank moves to fight soaring inflation with the growing possibility that those measures will induce a recession.
However, analysts said speculation that a recession is on the way has helped push yields down in recent days and led traders to scale back their expectations for the length of rate hikes. "While a tall order and still a near-term unlikely combination scenario, the fall in commodity prices, especially oil, should be music to the Fed's ears, so some could be ticking one or two of those boxes off."
Employment opportunities are also tight."Only 38% of respondents indicated increasing their staff component at present while expectations on job opportunities were unchanged for the next six months," the report read.The board of property group Calgro M3 has endorsed replacing PwC as its auditor with Mazars.
And on Wednesday the head of the most powerful central bank in the world told lawmakers that it was"certainly a possibility". Hong Kong, Sydney, Singapore and Wellington were slightly higher but Tokyo, Shanghai, Seoul, Taipei, Manila and Jakarta fell. Elon Musk, JP Morgan boss Jamie Dimon and Nouriel Roubini are among several others to have made similar forecasts.
Brent and WTI have dropped around 15 percent over the past week, even with sanctions on Russian crude exports and China's gradual reopening from lockdowns."A slowdown in global growth is a risk to oil demand, which could help ease some of the tightness in the market," Warren Patterson, at ING Groep, said.JSE, global stocks down, oil prices plunge on recession fears
US Federal Reserve boss Jerome Powell's two-day testimony to Congress this week will be pored over for an idea about officials' plans for fighting runaway prices, which are being fanned by supply chain snarls, China's lockdowns and the war in Ukraine.
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