Package maker Nampak has reported a strong six-month performance following the easing of Covid-19 restrictions across the countries it operates in.
The metals businesses were key contributors to Nampak’s performance, in the face of ongoing global supply chain challenges and high commodity prices. The group’s revenue grew by 24% to R8 billion, while its operating profit was up 26% to R668 million. Platinum Group Metals and chrome producer, Tharisa, declared a dividend on Thursday as it released its interim results.
He said Tharisa has simplified its corporate ownership structure by aligning its key BEE partners with the Company’s long-term value-creation strategy and took a step further to geographically diversify by acquiring a controlling interest in Karo Platinum, a tier-one asset on the Great Dyke in Zimbabwe. Grindrod Shipping has seen a"historically strong start" to 2022, as freight rates continue to climb amid supply chain disruptions.
The board said Engelbrecht's work experience and skills would stabilise the operations until a permanent appointment is made. A poor start to the year, specifically a strike at its snacks and treats division and a decline in volume at its bakeries has resulted in a decrease in food producer Tiger Brands’ earnings. In its results for the six months ended 31 March 2022, the Johannesburg-headquartered group said its headline earnings per share fell by 2% to 729 cents per share, from 721 in 2021.
"The market is moving its focus - and has been for the last month or so - from inflation concerns to growth concerns," said Ellen Hazen, of FL Putnam. "The Fed of course remains focused on inflation, but if inflation reads were to start to moderate, then Bostic has opened up the possibility of a Fed pause."
"Moving beyond mobility restrictions in short order is a pre-condition, but not a guarantee, for an Asia-led economic recovery."Shares slid worldwide on Tuesday as supply chain woes and surging costs hurt corporate earnings and slowed manufacturing output, while Treasury yields dipped as the weakness in equities revived a safe-haven bid for US government debt.
The US economy likely faces a sharp slowdown as the Federal Reserve hikes interest rates to stamp out inflation, according to David Petrosinelli, a senior trader at InspereX. On Wall Street, the Dow Jones Industrial Average fell 1.37%, the Nasdaq Composite dropped 3.33% and the S&P 500 lost 2.16% as it again headed toward a bear market.
The pivotal deal with the unit of Anglo American Plc could be signed this week and would be effective from July, said Jeff Mphahlele, general secretary for AMCU. About 163 000 workers in South Africa’s platinum industry have been pressing for a share of the record profits generated by a rally in metal prices. - BLOOMBERGFor the six months to end-March, Coronation Fund Managers saw its headline earnings fall 22% as its fee income and assets under management declined.
A strong rally on Wall Street, where the Dow closed 2.0 percent higher, did not carry over to Asia, and Beijing's announcement of a fresh raft of measures to stimulate the economy did little to calm nerves. "The lingering restrictions and lack of clarity on an exit strategy from the current Covid policy will likely dampen corporate and consumer confidence and hinder the release of pent-up demand," UBS economists including Tao Wang wrote in a research note, according to Bloomberg.
Later in the week, investors will be eyeing the minutes from the latest Federal Reserve rate-setting meeting for clues about further rate hikes aimed at reining in inflation."If inflation remains sticky and the Fed needs to be more aggressive, assets are not cheap enough yet -- in that world, more recession risk will need to be priced through lower earnings," said Stephen Innes of SPI Asset Management.
On Monday, investors sold the dollar on hopes that loosening lockdowns in China could help global growth. "We see this as just a temporary correction for now. If we look at the main reasons why the dollar has been strengthening so much in recent months, we don't think that fundamental story has changed significantly over the past week," said MUFG analyst Lee Hardman.
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