The JSE Top 40 was down more than 1% in Monday trade as the market responded to a stronger Rand.
Below are some of the small and mid-cap news stories we spotted on Monday from the JSE:
Once again there were no intra-day 52-week highs reported on the JSE. There were a number of shares which hit new 52-week lows including Etion (previously Ansys), Blue Label Telecoms, Kore Potash, Sibanye and Alexander Forbes.
Santova under cautionary
Highly regarded logistics group Santova announced it was looking at an investment in an offshore logistics operation. The share was up 2%, pushing the share up 16.7% year to date.
Grand Parade gets a new CEO
After significant management changes, Grand Parade Investments has announced that Prabashinee Moodley would take up the CEO position. The company said: “Prabashinee is an experienced quick service restaurant executive and has held senior positions at Dunkin Brands Inc. and McDonald’s Corporation, both in the USA and globally. She has extensive experience across all areas of business and senior leadership roles including business strategy and development, franchising and operational excellence.”
Von Zeuner exits EnX
Former Absa director Louis von Zeuner has announced that he has left his non-executive role at EnX Group. EnX is down 12.5% year to date.
Global Asset Management (GAM) has warned that earnings per share will drop by between 65% and 85% for the six month period ended 31 May 2018. This is as a result of a once-off foreign exchange gain in the previous comparative period. Headline earnings per share remains unchanged.
PBT to target UK and Europe
Technology group PBT has indicated it will engage in a “costly” expansion into the UK and Europe as it seeks to diversify its revenue base. The company reported a loss from continuing operations of R139m for the 12 months ended 31 March 2018.
Nictus under cautionary
Furniture group Nictus has released a cautionary announcement indicating that price sensitive negotiations are under way. Nictus is up 44% year to date, trades on a price to earnings multiple of 8 and offers a 4.6% dividend yield.
Cashbuild sees earnings growth
Hardware and home improvement business Cashbuild reported a fourth quarter operational update indicating that revenue was up 4%. The 42 new stores acquired since 1 July 2016 contributed 5% of the increase while the remainder of the stores reported a 1% decline in earnings for the comparative quarter.
Insider buying at Trans Hex
A company associated with director Marco Wentzel has acquired shares in Trans Hex. The company announced that there had been two transactions to the value of R910 000 at prices of between R1.25 and R1.30 reported. Trans Hex is down 63% over the past 12 months.