The trade war between the US and China continues to capture the imagination of the investment fraternity.
These are some of the small and mid-cap stories from Tuesday 10 July 2018 that we spotted:
Anchor does a deal
Asset management group Anchor has sold a controlling stake in its stockbroking operations Anchor Securities to Rebosis founder Sisa Ngebulana. This continues the recent trend of aggressive transformation deals in the SA financial services sector following the recent sale of Peregrine Securities business to a BEE consortium.
New directors at Metrofile
Data management group Metrofile updated its directors to the board with Ms. Phumzile Langeni being appointed as a lead independent director while Zaheer Abdulla (representing majority shareholder MIC) will replace Cynthia Pongweni. Metrofile presently trades on a price to earnings multiple of 9 and offers a 9% dividend yield.
Queenspark needs help
In further signs that the middle-class economy takes strain, clothing group Rex Trueform announced that it has agreed to extend financial assistance to subsidiary Queenspark.
Ingenuity Property Group rose 7.6% on Tuesday with 1467 shares changing hands at 99c/share. The company announced that Withmore Investments now holds 5.58% of the issued shared capital. Withmore is a subsidiary of Ingenuity.
New highs and lows
A number of small and mid-cap shares hit new 52 week lows on the JSE yesterday in intra-day trade. Those trading at 52-week lows include: Niveus, Aveng, York Timbers, Alexander Forbes, Dawn, Blue Label Telecoms and Attacq.
South Ocean hit a new 52-week high with the share up 10% with 67 shares changing hands at 55c/share.
JP Morgan drops Mr P shareholding
US investment banking and investment group JP Morgan has reduced its stake in retailer Mr Price. In June 2018, JP Morgan held 6.16% of the company, this has reduced to 4.66%. Mr Price is down 11% in the last 30 days.