Breaking News

FNB Monthly Wrap-Up – July 2017

By Chantal MarxStock MarketsAug 11, 2017 13:47
FNB Monthly Wrap-Up – July 2017
By Chantal Marx   |  Aug 11, 2017 13:47
Saved. See Saved Items.
This article has already been saved in your Saved Items

The industrial index clawed back losses in July, supported by strong performances by major rand hedge counters as the rand came under pressure over the month. Among the rand hedge counters, Naspers (+10.5%) led gains as the rally in Tencent continued in China, with Richemont (+2.0) and Steinhoff (+1.3%) also ending in positive territory.

British American Tobacco (-6.5%) bucked the trend. Despite releasing upbeat results for the first half, shares in British American Tobacco plunged following a radical proposal by the US Food and Drug Administration (FDA) to limit nicotine in cigarettes to non-addictive levels. As the pricing power of tobacco manufacturers lies in the fact that cigarettes are addictive, success by a regulator in this regard would certainly mark the end of combustible cigarettes. While the proposal by the FDA adds to the uncertainty in the tobacco industry, this is not expected have an immediate effect on the near-term profitability of the company.

Meanwhile, Richemont announced the resignation of its Head of Watchmaking, Marketing and Digital, Georges Kern, with immediate effect. The sudden resignation of Mr Kern leaves a void in leadership at a time when the company undergoes a revival in its high-end jewellery and watches. Hopefully the company will have capable internal candidates to move into this role.

FNB Monthly Wrap-Up – July 2017

Related Articles

FNB Monthly Wrap-Up – July 2017

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email