The JSE closed 0.32% firmer on Thursday along with its global peers as traders digested the latest US Federal Reserve minutes while the rand continues to change hands around the R17/$ mark.
The Fed said overnight that it would consider slowing down the pace of its interest rate hikes and signalled that it would increase interest rates by just 50 basis points in December. The US markets are closed today due to Thanksgiving.
In company news, Mr Price (-8.14%) missed its half-year growth targets on Thursday, citing load shedding, social grant payment disruptions and changes to its merchandise planning system as the reasons.
The retail group said revenue increased by 6.5% to R13.3 billion for the 26 weeks ended 1 October 2022. It said diluted headline earnings per share increased by 10.8% to 486.1 cents. The group also increased the interim dividend to shareholders by 10.6% to 312.5 cents.
South Africa’s largest pharmacy group Clicks (0.02%) said it would acquire salon owner Sorbet for R105 million from Old Mutual Private Equity. The group already owns 25% of Sorbet but taking control of the holding structure would give it full control over all entities including Sorbet, Sorbet Man, and Candi & Co.
Furniture chain Lewis (2.65%) said it was seeing the effects of deteriorating retail trading conditions despite merchandise sales rising by 4.3% to R2.1 billion for the six months to end-September. The furniture and appliance retailer said trading conditions worsened during the second quarter of the financial year.
eMedia Holdings reported a 24.6% decline in headline earnings per share and a 20.6% decline in profit for the six months to end-September. The broadcaster placed the blame on increased load shedding with many advertisers reducing spend.
