With the market taking the time to absorb an interest rate increase in the US and some guidance from the European Central Bank (ECB), equities stayed under pressure.
Here are some of the small and mid-cap stories from Thursday which stood out for us:
ARB director tops up stake
Alan Burke – non-executive chairperson at industrial group ARB – acquired 10 000 shares at R5.50/share. This is the third time since February 2018 that he has bought shares on the open market. ARB trades on a price to earnings multiple of 7.7 and offers a 4.5% dividend yield.
Shares in mining exploration group Kibo Mining PLC were up 6.25% following the release of full-year financial results for the year ended 31 December 2017. The company reported a headline loss of GBP4.5m but talked up the prospects for its Mbeya Coal to Power Project in Tanzania.
Astoria board faces pushback
In the midst of a potential takeover, the Astoria board found it tough going at its Annual General Meeting (AGM) on Thursday with shareholders pushing back against a number of key resolutions. 39.9% of shareholders represented voted against the appointments of directors Peter Armitage, Tinesh Ramprusad, Catherine McIlraith, Peter Todd, Tiffany Ann Purves and Darryl Kaplan. 62% voted against the directors being able to issue shares for cash and 40% voted against the directors being able to issue shares. 40% voted against the appointment of KPMG as auditors.
African Phoenix earnings to fall
Financial services group African Phoenix Investments has warned that earnings will fall by between 55% and 75% for the interim trading period for the 6 months ended 31 March 2018.
Vukile director sells
Sedise Moseneke has sold 62 000 shares at a weighted average price of R21.72/share in a transaction worth R1.3m. Vukile trades on a price to earnings multiple of 13 times earnings and offers a 7% yield.
MRI loss widens
Mine Restoration Investments has warned that its loss per share is expected to widen to a headline loss of 0.43c/share from 0.12c/share.
PSV raises cash
Industrial holdings company PSV has raised R25m in cash by issuing 143m new shares at 18c/share to Mauritian Headquartered Regis Holdings Limited. Post the capital raise, Regis will hold 34.9% of the issued capital of the business. The funds will be used to pay down debt.