ThinkDaily - Stronger Chinese Factory Activity Lifts the JSE

  • Market Overview

The JSE and the rand ended firmer on Wednesday after strong factory activity from China. The country’s official manufacturing purchasing managers index rose to 52.6 points in February, well above the 50.6 Bloomberg market consensus. The growth in PMI is the fastest growth in almost a decade and is the highest level since April 2013, when it reached 53.5 points.

In company specific news, Aspen Pharmacare (JO: APNJ ) a strong trading session in the afternoon after releasing its financial results for the six months which ended on the 31st of December 2022. The results were relatively weak however they had strong guidance for the second half of this financial year stating that they will exceed the H2 results of the prior year. This led to a 13.29% rise in the share price, the most since 2000.

Aspen Pharmacare Historical Share Price Chart (Source: ThinkTrader Web)

Figure 1: Aspen Pharmacare Historical Share Price Chart (Source: ThinkTrader Web)

This morning, Impala Platinum (JO: IMPJ ) released their interim results for the period ended 31 December 2022. Revenue increased by 4% and R11 billion in free cash flow was generated by the miner. An interim dividend of 420 cents per share was declared.

Santam (JO: SNTJ ) also released their annual results for the period that ended on the 31st of December 2022 this morning. Group gross written premium increased by 18% and a dividend of 845 cents per share was declared.

FirstRand (JO: FSRJ ) reported positive interim results for the period which ended on the 31st of December 2022. The banks headline earnings increased by 15% increase and a dividend of 189 cents per share was declared.

The rand strengthened after the Chinese PMI data was published and continued to gain ground against the dollar. In the evening it was 1.43% firmer at R18.0936 to the dollar, gaining 0.58% to R19.3251 to the euro and 1.32% to R21.7798 to the pound.

Market Moves (1 March 2023)


Key companies expected to release results this week

28.02

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