NATIONAL NEWS - Here’s what caught our attention on Monday:
Property developer Calgro M3 is reporting a headline loss of R4.1 million and a headline loss per share of 3.24 cents, down 204.2% for the six months ended August 31, 2019. The company’s revenue decreased by 17.2% to R520.8 million and net asset value decreased marginally by 0.3% to R894.1 million. No dividend is being declared for the period.
Balwin Properties results
Balwin Properties is reporting a 5% increase in earnings per share to 40 cents per share and a 4% increase in earnings per share for the six months ended August 31, 2019. The company’s revenue increased by 19% to R1.41 billion and profit increased by 4% to R185 million. The board has declared an interim gross dividend of 11.7 cents per ordinary share for the period.
Herman Mashaba resigns
Herman Hashaba has announced his resignation as the mayor of Johannesburg. The news was first reported by eNCA, which says the move comes after the DA’s Federal Council meeting, where former party leader Helen Zillle was elected chairperson. According to reports, Mashaba says far-right wingers have infiltrated the DA.
IRP plan assumes ‘high demand’
South Africa’s Integrated Resource Plan, which was announced on Friday, makes provision for 1 500 MW of new generation from coal, 2 500MW from hydro, 6 000MW from solar photovoltaic (PV), 14 400MW from wind, 2 088MW from storage and 3 000MW from gas. According to Intellidex, the plan makes the assumption that South Africa’s electricity demand will increase. This comes after government admitted that the previous anticipated electricity demand referenced in the IRP 2010-2030 did not materialise.
Rand update and the week ahead
South Africa is one week away from the mid-term budget speech and all eyes will be on finance minister Tito Mboweni, who is expected to announce plans to save ailing state-owned enterprise Eskom.
In the week ahead, South Africa’s inflation rate for September is due on Monday.
In international news, UK prime minister Boris Johnson has asked the European Union for a Brexit delay following a crucial meeting over the weekend.
The rand on Monday was at R14.80 to the dollar at 9:14.