CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
President Cyril Ramaphosa’s ambitions to attract R1.2 trillion worth of investment into South Africa’s economy over five years were derailed yesterday as South Africa’s 3rd Investment Conference drew the lowest monetary pledges since the annual investment drive was initiated three years ago.
2. Santam shares hit by business interruption losses
Santam took a pounding on the JSE yesterday as shareholders weighed the Western Cape High Court’s finding that the insurer was liable to pay full business interruption losses to companies that suffered as a result of lockdown measures imposed by the government to contain the spread of Covid-19.
3. Spar’s juicy results send shares soaring
Spar Group’s shares leapt more than 11 percent yesterday after better-than-expected results and as it declared an annual dividend with an 8.8 percent increase in earnings in the face of Covid-19 challenges.
4. IPF’s earnings drop by a third, but the balance sheet is stronger
The Investec Property Fund’s (IPF’s) distributable earnings fell 33.9 percent to 46.87 cents per share, but its balance sheet had been strengthened and liquidity preserved in the six months to October 31.
5. Rand on the back foot ahead of Sarb meeting
The South African currency traded on a weaker footing as traders await the outcome of the Sarb’s final repo rate decision of the year according to NKC Research.
6. Brait reports a loss reduction to R733m
Brait yesterday reported a reduction in loss to R733 million for the six months to the end of September, despite the impact of Covid-19 on its investee companies, New Look and Virgin Active.
Diversified real estate investment trust Dipula Income Fund said yesterday management's efforts to optimise the portfolio and its defensiveness through asset management initiatives had proved useful in the year to September 30, as the portfolio grew by 3 percent to R9.1 billion.
BUSINESS REPORT ONLINE