Investors spent much of yesterday trying to interpret the tone out of the ANC Land Summit and how property rights are expected to be handled.
These were some of the movers and shakers in the small and mid-cap sectors yesterday
Blue Label gets bashed
Shares in the telco operator were knocked 7.4% to close the day at R10.80. This put the share down 30% year-to-date. Traders speculated that this may have to do with a number of open geared trades being squeezed out. The share trades on an historical price to earnings multiple of 5 times earnings and offers a 3.4% dividend yield.
On the end of the spectrum, shares in financial services group Finbond were up 9% after a trading update said that headlines earnings per share would be between 68% and 88% higher.
Brait back above R40
There was some brisk trade in the investment holding group which saw its share rise 6% back above R40/share on 1.3m shares changing hands.
Grit releases investor presentation
Ayo announces Sasol deal … and slumps
The ICT group announced a major deal with petrochemicals group Sasol saying Ayo “will provide and manage Sasol’s entire global network, communications and security services from South Africa”. The share was down 8.77%, albeit on just 2500 shares changing hands at R26/share.
Taste gets a new CFO
Taste Holdings announced the appointment of Dylan Pienaar as its new acting Chief Financial Officer. Interestingly, Pienaar was previously the CFO at competitor Grand Parade.
Pallinghurst announces auction results
Shares in Pallinghurst were down 3.39% following the release of results from a recent emerald auction in Lusaka. The results were considered disappointing with just 59% of lots sold. You can find more information here – https://www.moneyweb.co.za/mny_sens/pallinghurst-resources-limited-lusaka-emerald-auction-results/