Think Daily - 24 January 2023

  • Market Overview

In Monday’s trading session in the local markets, the Top 40 closed the day up by 1.14% and the Resources 10 sector went up by 1.07%, the Financial 15 went up by 1.46%, the Industrial 25 went up by 1.01%. The rand traded at R17.21 against the Dollar, R21.28 against the Pound, and R18.69 against the Euro.

In company-specific news, Renergen (JO: RENJ ) announced yesterday that its Virginia Gas Project in the Free State is now finally producing liquid helium, making South Africa one of a handful of countries producing the substance. The shares were up 9.14% on the news, taking the share price to R27.00 a share and the market capitalisation to R3.34 billion.

The Foschini Group (JO: TFGJ ) released a strong trading statement for the third quarter ended 31 December. Group retail turnover increased by 17.3% for the quarter year-on-year, while retail turnover for the nine months to December increased by 20.8%. TFG Africa's Q3 retail turnover increased by 18.4%, while comparable store sales increased by 5.7%, TFG London turnover increased by 2%, and TFG Australia's turnover increased by 20.9% for the quarter.

Cashbuild (JO: CSBJ ) released a weak trading statement for its second quarter ended which showed comparable store sales declined by 5%, reflecting the end of the home improvement boom brought on by the COVID-19 pandemic.

Glencore's (JO: GLNJ ) share price reached all time highs of R122.30 yesterday, while Woolworths (ASX: WOW ), BHP (JO: BHGJ ), Naspers (JO: NPNJn ), Prosus (JO: PRXJn ), Investec (JO: INLJ ), and Richemont (JO: CFRJ ) all reached new 52 week highs.



Market Moves (24 January 2023)



Original Post

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100