Shoprite must have the single most successful loyalty programme ever launched in South Africa. Less than 5 years old and they have 24.7m members, or approximately 1 in every 2 South Africans!Shoprite dissapointing profits. Turnover looked good but margin pressure. Share down 7%. There are some mitigating factors. One week less trading, riots etc but still not good. I would have thought that they would have done better.
European bourses took the brunt of the selling, though they pared their earlier losses as commentators said the shutoff had been expected to come at some point.In early trade, markets fluctuated between gains and losses, with Hong Kong, Seoul and Wellington down, while Shanghai, Sydney, Singapore, Taipei and Jakarta edged up. Tokyo and Manila were flat.
That is followed later in the month by the Federal Reserve's meeting, where policymakers will debate a similar move, which would be the third rise in a row. "However, in terms of signalling, the move is important as it indicates that OPEC+ is watching demand very closely and is trying to manage supply to keep a floor on oil prices."
Renergen's Virginia Gas Project in the Free State has begun operating, transitioning the company from an explorer to a producer of liquid hydrocarbons.Through commencement of operations, Virginia becomes South Africa’s first commercial liquified natural gas plant, with helium production to follow as the project ramps up. Renergen on Monday announced it has beneficial use of the system and has commenced filling of bulk storage tanks to begin delivery of product to customers.
The gas crisis also hit the pound, which hit a post-pandemic low of $1.1444. It pulled back up to around $1.15 after Liz Truss was confirmed as the successor to Britain's Prime Minister Boris Johnson. State gas giant Gazprom announced late Friday the key Nord Stream pipeline would remain shut indefinitely, blaming leaks.
"Russia's decision to turn off Europe's gas hangs over the continent like a grim shadow ahead of winter," said AJ Bell investment director Russ Mould. This is over two months after Naspers and Prosus announced that they were offloading some of their stake in Chinese tech giant Tencent for their buyback programme.
AVI Group, which owns I&J, saw its headline earnings rise 6.3%, despite a challenging trading period impacted by July 2021 riots, business disruptions caused by load shedding, rising input costs and global supply chain issues.Its revenues grew 4.3% to R13.8 billion – helped by increased sales volumes and higher selling prices to combat cost pressures. Operating profit was up 5.4% to R2.5 billion. Headline earnings per share were up 6.1% to 530.6 cents.
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