The JSE lost its footing during afternoon trade following the release of the local CPI numbers, which hit 5.9% for the third time in five months, with big hikes in fuel and food. The All Share Index closed 0.88% down at 69,083 points.
Despite the local bourse trading lower, there was a raft of action with trading updates leading to a share price jump for the likes of eMedia Holdings.
Packaging company Nampak traded flat after it reported earnings are expected to gown between 88% and 107% for the six months ended March 31, 2022. The company said headline earnings per share will be between 33 cents and 36.5 cents.
The company attributed the positive earnings to improved trading conditions and will release its results for the period next week.
In a trading update for the year to end-March, eMedia Holdings, which owns controlling stakes in e.TV and YFM, says headline earnings per share will increase between 283% and 301%.
The company said advertising revenue had returned to higher levels than the financial year before the pandemic started while television advertising revenue increased by 29% compared to the same period last year thanks to an increase in prime time market share.
Retailer Lewis says it expects headline earnings for the year to end-March to increase between 30% and 40% compared to the same period last year. Lewis will release its annual results next week while the share price surged by 15.42% on Wednesday.
Meanwhile JSE heavyweights Naspers and Prosus traded 4.76% and 3.05% down respectively after Tencent, in which Prosus has a 29% stake, missed its revenue estimates after a government crackdown in China.
In the currency markets, after the rand broke below the R16.00/$ mark yesterday, it remained within a relatively narrow range for most of the day, hovering around the mid R15.90’s.
In the commodity sector, gold is at similar levels to this morning while palladium is stabilising above the $2,000 mark and is currently trading flat for the day. Platinum and copper are both around 1% down while brent crude is trading at higher levels around $112 a barrel.
