Spar released incredibly important earnings on Wednesday, 8 June. After a nasty sell-off at the end of 2021, punters saw Spar as an interesting opportunity provided the underlying operating pressures could be relieved. Many put on a long position, hoping the issues in Poland would improve and that the rest of the business would show positive momentum.
An equally important retail result was Mr Price, which reported headline earnings per share growth of 25.9% on a comparable 52-week basis. This concern isn’t unique to South Africa. Pepco, a Steinhoff subsidiary, noted in its interim results that western European markets are experiencing lower consumer spending because of inflation in a stagnant wage environment. This is a worrying read-through for retail property funds and consumer-facing businesses.There’s a reason that it’s called a “cautionary” announcement on the JSE.
In other deal news that caused a stir rather than fireworks, it emerged on Thursday, 9 June, that Remgro and MSC Mediterranean Shipping Company have made a play for Mediclinic. DSTV has a business for as long as most households don’t have access to broadband internet. There’s also a strategic thrust in localised content, which constitutes 47% of total content spend. This is an important differentiator vs international streaming platforms.
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