Wednesday 21 July 2021
Good morning Voornaam,
Yesterday was an intensely busy day of corporate announcements, after a quiet couple of weeks on the JSE from an earnings perspective.
Let's start with some of the smaller tidbits.
Grand Parade's Burger King deal isn't entirely dead just yet, with the company releasing another announcement noting that dates related to the fulfilment of conditions have been extended to 20 September 2021. The parties are in discussions with the Competition Commission to try and achieve a sensible outcome.
Mr Price has finalised the acquisition of Yuppiechef by meeting all conditions precedent, including approval by the Competition Commission. It will be fascinating to see how they bring the products into the existing retail footprint.
Growthpoint finally updated the market on its damage from the riots, noting that two retail properties and five industrial properties in KZN have been damaged. This represents only 2.3% of total South African gross lettable area in the fund.
The lead article today is the sales update by Truworths. It contains many great insights into the differences between retail in the UK and South Africa. Clothing retail is a great example of how things aren't always better across the pond.
Several mining houses released production reports or trading statements. I've consolidated updates from BHP, Anglo, Amplats and Kumba into a single article.
Pick n Pay and Shoprite have also updated the market on the impact of looting. The key takeout here is that food supply chains are capable of bouncing back quickly, which is critical for food security.
Karooooo is one of my favourite JSE-listed companies and the group has released quarterly results that give numerous details on the underlying economics of the business.
There's a lot for you to read and learn this morning. I'll leave you to it!
The Finance Ghost
Local and Offshore Market News
Truworths dragged down by UK business
Group sales growth of 0.5% is thanks to a decent performance in South Africa, as UK sales took a nasty 12.9% drop in rand terms. Read More
Mining houses on the right side of the cycle
BHP, Anglo American, Kumba and Anglo American Platinum released important updates showing the benefits of high commodity prices. Read More
Pick n Pay and Shoprite give their riot updates
The leading grocery retails suffered damage to as much as 10% of their footprints, but the supply chain capabilities have proven to be resilient. Read More
Karooooo invests in its growth
Karooooo's EBITDA is down, but this is typical of growth stocks that are investing heavily in subscriber growth (which was up 22% in constant currencies). Read More
Company Notices and Announcements

Northam Platinum Limited >>

Imperial Logistics Limited >>

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