Business

Trading Day – Bell Equipment reports healthy growth

Bell Equipment reports healthy growth with earnings per share of R2.09. 

Old De Beers / Anglo American mine dam wall collapses, killing at least three and injuring 40, while four are missing.

Here is the biggest news of the day.

  • Bell Equipment reports healthy growth in earnings. The company increased revenue for the half-year by 10% to R4.2 billion, while earnings per share (EPS) grew 18% to R2.09. The company decided not to declare an interim dividend due to ongoing global uncertainty and potential further investment in its own operations.
  • Old De Beers / Anglo American mine dam wall collapses, killing at least three and injuring 40, while four are missing. The collapse caused flooding in the mining town of Jagersfontein in the Free State province. Minister of Mineral Resources and Energy Gwede Mantashe told reporters that nine houses were swept away while 20 were completely damaged. “Compensation for fatalities, compensation in terms of property damage will be taken as a responsibility of the company that owns the slimes dam,” he said.  De Beers sold the Jagersfontein mine and tailings in 2010 to Superkolong Consortium. Eskom lost bulk electricity supply in the area when its Rietkuil substation was engulfed by mud, while the flooding also damaged cellphone towers and cut off some roads.
  • Christo Wiese was involved in the purchase of R226 million worth of Shoprite shares. Toerama, a company that Wiese is a director of, purchased 10 000 Single Stock Futures (SSF) contracts representing 1 million shares to the value of R224.25 million. Titan Premier Investments, of which Wiese is also a director, purchased ordinary shares to the value of R1.75 million.
  • York Timbers expects a substantial drop in earnings. The company released a trading statement for its year-end results, expecting a decrease in earnings per share (EPS) of around 78%, from R0.43 to roughly R0.10. EBITDA is also expected to decrease by around 33%, while cash generated from operations is expected to decrease by around 53%. The company’s results are due to be released on 20 September.
  • The PSG Group unbundling has taken effect, with Friday 9 September being the unbundling record date. The member companies closed at the following prices:
    • PSG Group: R22.60
    • PSG Konsult: R10.60
    • Curro: R9.88
    • Kaap Agri: R37.00
    • CA&S: R5.71
    • Stadio: R3.65
  • DRA Global completes the sale of APAC Maintenance and Construction business to KAEFER Integrated Services for AU $3.4 million.
  • US household wealth suffered the largest drop since the Covid pandemic started. US household wealth for the second quarter fell by a record $6.1 trillion, $30 billion more than the previous record achieved at the onset of the Covid pandemic. Household net worth is now $143.8 trillion, down from $149.9 trillion. The fall was led by a $7.7 trillion decline in stock market values, offset by a $1.4 trillion gain in real estate values.

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