JSE likely to join global US midterm election celebration
Hodes forecasts that September’s manufacturing production will show a rebound to about 1.7% from the 2% contraction Stats SA reported in September 2017.
“Advance indications provided by the Bureau of Economic Research’s September and October purchasing managers index (PMI) readings do not bode well for the manufacturing sector in the short term. That is, the PMI fell further in October to 42.4 from September’s already-subdued level of 44.5,” Hodes wrote.
“New sales orders continued to slide, while business activity remained muted. This is indicative of a subdued domestic economy, characterised by mounting supply-driven inflationary pressures and muted local activity. The domestic situation is further constrained by faltering global trade conditions, which undermine export growth.”
Construction group Stefanutti Stocks said on October 10 it expected to report on Thursday its interim headline earnings per share (HEPS) for the six months to end-August would rise by up to 55%.
Stefanutti said this was partly due to a change in accounting standards. Under the old accounting rules, the rise in HEPS would be capped at about 43%.
Argent Industrial issued a trading statement at 4.50pm on Wednesday saying it expected to report interim HEPS growth of up to 70% for the six months to end-September.
Ayo Technologies warned shareholders on Tuesday its HEPS for the year to end-September would be about 80% lower than forecast in its prospectus before its initial public offering (IPO) in December.
Source: businesslive.co.za
