As of late, the sun has gone down on Sun International. The share price took a hammering 2 weeks ago, after releasing an updated trading statement confirming HEPS will likely be down be between 35-45%.
South Africa's Finance Minister, Pravin Gordhan, looks on the brink of being dismissed by President Zuma after the Presidency called Gordhan back from an international roadshow.
The unceremonious recall of Gordhan from an international investor roadshow has caused havoc with the Rand. We update events around this issue throughout the day here.
The traditional REIT sector is predominantly made up of the Big Four property types: retail, industrial, residential and office. These property types have performed well since the lows of 2009, but it is specialty REITs that have overtaken the pace at which growth is being achieved by these different sub-sectors of the listed real estate market.
Since the trough printed on 19th Jan 2016, the JSE priced in dollars (how most international investors will be looking at it) has risen an astonishing 46% after crashing 45% from 29th July 2014. The JSE priced in rands, however, has only managed a modest 6% rise since the 19th Jan 2016.
On Wednesday afternoon after market close, Anchor Capital Group released its full year results for 31 December 2016. At first glance the numbers looked solid given the tough market conditions within the asset management sector. The Group collectively performed well as they continue to outperform and realise further synergies.