The JSE traded firmer on Tuesday, climbing 0.99% into the green as investors absorbed corporate earnings results from the United States while waiting for news from this week’s important Federal Reserve Bank meeting.
Markets are bracing for an expected 75 basis point hike from the Fed while on the earnings front, Walmart, which is the parent company of the JSE-listed Massmart, produced unimpressive results overnight and had a gloomy outlook for the rest of the year.
Massmart added 0.76% to its share price.
In other company news, retailers Woolworths (-0.07%), Pick ‘n Pay (3.22%), Shoprite (4.71%) and Truworths (9.70%) all released trading updates.
Truworths said sales rose 5% for the 53 weeks to end July 3, even though it dropped apparel prices by 0.6%. Overall, the company made R18.5 billion in sales from both its SA and UK operations, up from R17 billion but this includes an extra week of trade.
Australian brand, David Jones, continues to hamper Woolworth’s performance as sales declined 2.6% for the year to June 26 while in SA, Woolworths’ food business sales grew by 4.2%.
A jump in alcohol and clothing sales saw Pick ‘n Pay post nearly an 11% increase in sales for the 18 weeks to end July 3 while a large jump in online sales also contributed to the increase.
Shoprite said sales had increased by almost 10% for the 52 weeks to end July 3, bringing in R184 billion in sales. The significant growth is despite the July 2021 unrest that saw 231 of the retailer’s stores hit by looting and rioting.
On the commodity front, most precious metals are trading in the red while Brent crude is currently trading at $104.80 a barrel with concerns over supply increase after Russia mentioned they will cut the Nord Stream 1 pipeline this week to nearly half of the current output per day.
Don’t forget to try out our new market data section, which includes stock market indexes, a currency converter and news. If you can’t access the market data make sure you have the latest version of SAccess installed. SAccess is available on App Store, Google Play and Huawei App Store, update today!
