A blowout in Italian financial markets has rippled across the globe putting selling pressure on equities across the board.
It was a busy day for the small and mid-cap sectors. Here are some of the stories you may have missed:
Shares in Insimbi Refractory and Alloy rose 2% (on 10 622 shares traded). This takes the year-to-date increase to 31%. The company delivered an operating profit of R127m with headline earnings per share up 70%.
Cargo trucks on
The listed logistics group indicated that it expected its investment in warehousing facilities to provide a source of earnings growth in the coming financial year. Reporting full-year results, the company saw revenue up 11%, net debt down by R37m and pre-tax profits up from R1.7m to R23.4m
Earnings slump hits tech player
Technology group ISA saw revenue down 32% and pre-tax profit down 33%. The company attributed this loss to three key factors: Downgrade of the BEE certificate from Level 3 to a Level 8, exchange rate fluctuations (74% of cash is held offshore) and the timing of large deals.
Blue Label announces MTN tie-up
Shares in Blue Label rose 2.7% following the announcement of a shared roaming service with its Cell C subsidiary and MTN. Blue Label is down 28% year-to-date. The implementation will be effective from July 2018.
Imbalie CEO drops out
Brent Kairuz – who had only just been appointed Imbalie CEO in February 2018 – has announced he was stepping down with immediate effect. Former CEO Esna Colyn will fill his role on a temporary basis.
Conduit stays the course
Financials services and insurance group Conduit Capital has indicated that Global Credit Rating Co has maintained its credit rating with a “Stable Outlook”. Director Adrian Maizey indicated that he had bought a further 150 000 shares at R1.90/share.
Revenue bump for Wilderness
The African-focused tourism operator released full year results for the 12 months ended 28 February 2018. The company saw revenue up 9%, 39% increase in after tax profits. The group indicated that its strong geographical performers were Namibia, Rwanda and Zambezi while Botswana and South Africa lagged.
Nutritional Foods to tap the market
Beleaguered food manufacturer, Nutritional Foods has indicated that it will come to the market with a R10m rights issue. They have indicated “Stressed cashflow and poor trading conditions”.