Photo: File
Photo: File

7 things you need to know today

By Dhivana Rajgopaul Time of article published Nov 17, 2020

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CAPE TOWN - Good morning. This is all the latest business news that you need to know today.

1. Drop in alcohol sales takes Shoprite shares down 10%

Shoprite shares tumbled nearly 10 percent on the JSE yesterday after the continent’s biggest retailer flagged that alcohol sales and transportation affected its performance during the quarter to the end of September, despite increasing its sales during the period.

2. Astral declares 775c dividend, but earnings fall

Astral Foods yesterday rewarded its shareholders by declaring a final dividend of 775 cents a share for the year to the end of September, despite reporting a 14 percent decline in earnings, hurt by the Covid-19 outbreak and the closure of quick service restaurants (QSRs), which affected its poultry division.

3. Rand flatlines overnight

The South African currency strengthened as oil price gains and demand-side data out of China countered surging infection rates and shrinking expectations for US fiscal stimulus according to NKC Research.

4. PIC attributes slump in assets under management to pandemic

The Public Investment Corporation (PIC) has reported a decline in assets under management (AuM), which it attributed to, among other factors, the impact of Covid-19, particularly during the last months of the 2019/20 financial year.

5. Vodacom stands by roaming agreement with Rain

Vodacom yesterday stood by its roaming agreement with Rain as it announced strong financial results during the six months ended in September, including an R7.6 billion interim dividend on the back of solid revenue growth.

6. Octodec Investments defers decision on year-end dividend until 2021

Octodec Investments, one of the biggest landlords in the Johannesburg and Pretoria central business districts, has deferred a decision on a year-end dividend until February 2021 due to the uncertain economic environment.

7. Reinet shows 3.4% rise in its net asset value despite Covid-19

Reinet Investments yesterday reported a 3.4 percent increase in its net asset value (NAV) for the six months to end September despite significant market uncertainty created by the Covid-19 outbreak, currency and commodity volatility.

BUSINESS REPORT ONLINE

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