JSE heavyweights to report on Thursday

The JSE could open slightly higher on Thursday, in line with global markets, with index heavyweights including Anheuser-Busch InBev (AB InBev) reporting financial results.

US stocks pushed higher overnight and Asian equities mostly followed suit on Thursday, with Hong Kong’s Hang Seng Index adding 0.3% and the Shanghai Composite 0.2%.

Japan’s Nikkei 225 gained 0.4% and Australia’s main benchmark 0.5%, but Korea’s Kospi shed 0.4%.

WeChat owner Tencent, which counts Naspers as a major investor, rallied 1.9% in Hong Kong, though JSE heavyweight BHP Group plunged 2.2% in Australia.

AB InBev, the world’s largest brewer, reported half-year results early on Thursday. The group said interim revenue grew by 6%, with revenue per hectolitre up 4.2%. Normalised profit attributable to equity holders was $5bn versus $3.6bn a year before. 

Both Vodacom and Sasol published trading statements before the market opened on Thursday. 

Sasol said full-year core headline earnings per share were expected to increase by between 1% and 11%, while Vodacom said quarterly service revenues rose 3.9%.

Meanwhile, Anglo American and Capital & Counties Properties (Capco) are expected to publish interim results.

Stats SA will publish trade data for May, the producer price index (PPI) for June, and construction materials price figures for May.

Elsewhere, the European Central Bank (ECB) is expected to announce its latest interest-rate decision and stimulus approach, while initial jobless claims data is due from the US.

The rand was flat on Thursday morning at R13.88/$, R17.32/£ and R15.46/€.

“The rand remains solidly range bound as it awaits a catalyst event that will determine a breakout course,” said Bianca Botes, treasury partner at Peregrine Treasury Solutions.

“In all likelihood, the earliest such event will be the Federal Reserve interest-rate decision taking place next week,” Botes said.

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