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Think Daily 24 January 2023

Lesego Mthombothi Lesego Mthombothi 24/01/2023
Think Daily 24 January 2023 Think Daily 24 January 2023
Think Daily 24 January 2023 Lesego Mthombothi
In Monday’s trading session in the local markets, the Top 40 closed the day up by 1.14% and the Resources 10 sector went up by 1.07%, the Financial 15 went up by 1.46%, the Industrial 25 went up by 1.01%. The rand traded at R17.21 against the Dollar, R21.28 against the Pound, and R18.69 against the Euro.

In company-specific news, Renergen announced yesterday that its Virginia Gas Project in the Free State is now finally producing liquid helium, making South Africa one of a handful of countries producing the substance. The shares were up 9.14% on the news, taking the share price to R27.00 a share and the market capitalisation to R3.34 billion.

The Foschini Group released a strong trading statement for the third quarter ended 31 December. Group retail turnover increased by 17.3% for the quarter year-on-year, while retail turnover for the nine months to December increased by 20.8%. TFG Africa's Q3 retail turnover increased by 18.4%, while comparable store sales increased by 5.7%, TFG London turnover increased by 2%, and TFG Australia's turnover increased by 20.9% for the quarter.

Cashbuild released a weak trading statement for its second quarter ended which showed comparable store sales declined by 5%, reflecting the end of the home improvement boom brought on by the COVID-19 pandemic.

Glencore's share price reached all time highs of R122.30 yesterday, while Woolworths, BHP, Naspers, Prosus, Investec, and Richemont all reached new 52 week highs.



Market Moves (24 January 2023)




 
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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