The JSE joined under-pressure Asian markets on Wednesday with investors’ gaze still firmly on what moves the world’s central banks will make to rein in inflation.
The local bourse spent parts of the day in the read but ultimately eked out a small gain to close in the green while European and American stocks were mixed.
Brent crude oil is up over half a per cent for the day and broke the $100 a barrel level after Saudi Arabia suggested that OPEC should consider slashing output in response to poor liquidity in the crude futures market, amid fears of a global economic downturn.
Back on the JSE, gold counter DRDGold (-0.19%) reported headline earnings fell 22% to R1.1 billion with gold production down 3% for the year. The group said cash operating costs had increased by 11% while a final dividend of 40 cents per share has been declared.
Gold mining peer, Harmony (-1.65%) said its headline earnings would drop between 44% and 53% for the year to the end of June. The company will publish its financial results next week.
KAP Industrial (-3.07%) reported earnings growth of 73% for the year ended June 30 with revenue increasing by 17% to R28 billion.
The chemical and logistics group said its Safripol and PG Bison brands were strong performers during this period with Safripol posting a revenue increase of 35% to R10 billion while PG Bison’s revenue grew by 16% to R4.8 billion.
The group declared a final dividend of 29 cents per share, an increase from 15 cents per share last year.
