The German Producer Price Index (PPI) rose by 5.3% for the month, the most significant rise since records began in 1949. The yearly producer price inflation equated to 37.2%.
Spur reported revenue and earnings growth of more than 30% for their annual results and declared a dividend of R0.78 per share.
Here is the biggest news of the day.
- German producer prices inflate by a year’s worth in a single month. The German Producer Price Index (PPI) rose by 5.3% for the month, the biggest rise since records began in 1949. The yearly producer price inflation equated to 37.2%. The record increases were caused by rising energy prices and lower gas supplies from Russia. Producer prices are considered a leading indicator for consumer price inflation, which came in at 8.5% for Germany last month and is expected to continue increasing.
- Spur reports strong earnings growth. Their full-year revenue increased by 32.5% to R2.4 billion, while profit increased 41.9% to R209.7 million before taxes. Headline earnings per share (HEPS) increase 31% to R1.44. Spur declared a dividend of R0.78 per share.
- Purple Group’s share price closed Friday 10% higher after announcing an EasyEquities partnership with an Asian E-wallet provider. The partnership will see EasyEquities launch investing services on their platform in September.
- Aveng expects revenue and earnings before non-recurring items to improve but will still take a big hit to overall earnings. According to the company’s trading statement, the company expects operating profits to improve from R536 million to around R577 million. However, headline earnings per share (HEPS) will still fall from R10.16 to R2.44.
- The Public Investment Corporation has increased its stake in AVI Limited to just over 20%.
- Workforce Holdings improved headline earnings per share (HEPS) to R0.15. Revenue for its half-year results increased 21% to R1.9 billion.
- Occidental Petroleum (OXY) shares rose 10% on Friday after the Federal Energy Regulatory Commission approved a request from Berkshire Hathaway to accumulate as much as a 50% stake in the oil producer. The company, led by Warren Buffett, currently owns a 20.2% stake in OXY.
- Target takes huge earnings hit as it sells off obsolete inventory. The company slashed prices to clear out unwanted inventory, causing profits to fall nearly 90% from last year. Quarterly earnings per share (EPS) came in at $0.39, while revenue was $26 billion. The company maintained its guidance for the rest of the year, expecting full-year revenue to grow and improve its operating margin.