The JSE crept 0.21% higher today as European counterparts, the pound and euro all clawed their way back on Tuesday as previously surging gas prices fell by 10% and a calmer mood took over among traders after Monday’s reaction to Moscow’s gas supply cuts.
There is also renewed hope that Britain’s new prime minister Liz Truss will launch an immediate relief package in the UK. Still, spiralling energy costs are reflected heavily in the markets.
In company news on the JSE, retailer Shoprite (-7.49%) will pay out a massive R3.54 billion to shareholders for its 2022 year, after a rebound in liquor sales and a strong performance from its core domestic supermarkets business helped lift profits by over a fifth, reports Fin24.
The retailer said sales grew 9.6% to R184 billion in the year to 3 July and profits jumped 21.5% to R5.73 billion. The group’s LiquorShop business saw sales increase by 45.4% to R10.77 billion as Covid-19 trading restrictions eased.
Retail peers Spar (-0.44%) and Pick ‘n Pay (-0.11%) were also in the red while Woolworths bucked the trend, adding 2.30%.
Mall of Africa owner, Attacq said improved trading conditions helped it achieve better-than-expected earnings growth in 2022. The property group’s shares surged 9.08%.
