European stock markets dropped on Monday after Russia said it would not restart gas flows to Germany and effectively most of the continent, reports AFP. The euro sank to a 20-year low versus the US dollar amid the energy crisis fears while US markets are closed for Labor Day celebrations.
The JSE traded flat, adding a slim 0.03% with the All Share Index at 67,399 points.
In the currency markets, the rand traded stronger against the dollar at R17.17 versus the greenback while the local unit is also trading stronger against the euro and pound sterling at R17.04 and R19.76 respectively.
Back on the JSE, the SA Reserve Bank gave bourse heavyweight Naspers the go-ahead to sell off shares in its internet arm, JSE-listed Prosus, and use the proceeds to fund its share buyback.
Over two months ago, Prosus and Naspers said they would offload interests in Chinese tech giant Tencent to fund share buyback programmes.
Naspers and Prosus lost 1.16% and 3.19% respectively.
I&J owner, the AVI Group (-0.31%), said headline earnings would rise by 6.3% for the year ended June 2022, this despite a challenging trading period, which was impacted by the July 2021 riots and further disruption due to load shedding and rising costs and supply chain issues.
Revenue grew by 4.3% to R13.8 billion while operating profit increased by 5.4% to R2.5 billion. The group declared a final dividend of 292 cents per share while full-year dividends came to 462 cents – 6.2% higher than in the previous year.
