JSE watchers will have their eyes on SA’s factories on Friday

The monthly poll of factory managers showed a return to over the 50 point level in December.

“The manufacturing PMI averaged below the neutral 50 level in 2018 and over the coming months, the PMI is likely to struggle to consistently remain in expansionary territory, above 50,” Investec economist Kamilla Kaplan said in her weekly note e-mailed on Friday.

“December traditionally sees lower [car] sales volumes as purchases are typically postponed to January so New Year registrations can be obtained. For 2019 as a whole, the National Automobile Association of SA anticipates only a modest improvement of 1% annual growth in sales volumes compared to a contraction of 1% in 2018.”

JSE-listed manufacturing equipment supplier Hudaco released its results for the year to end-November at 5.45pm on Thursday.

Its revenue grew 8.1% to R6.4bn, but its net profit shrank 5.2% to R400m.

It maintained its final dividend at R3.80, taking its total for its 2018 financial year to R5.70, which was 1.8% higher than the previous year’s R5.60.

Source: businesslive.co.za