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Five things making headlines in South Africa today

Amplats earnings increase, 100% of MTN Cyprus sold to Monaco Telecom, Glencore buys back more shares, PBT Group results, six miners killed in fire.

Here’s what caught our attention on Monday:

1. Anglo American Platinum trading statement  

Anglo American Platinum says for the six months ended June 30, 2018, it is expecting higher headline earnings and basic earnings/per share than what was initially stated in a trading statement dated June 29, 2018. The company says that headline earnings is likely to increase between R3.275 billion and R3.415 billion and headline earnings per share is likely to increase between 1 249 cents and 1 302 cents per share. Basic earnings per share is likely to increase to a profit of between R2.040 billion and R2.270 billion. Amplats attributes increases to improvements in operational performance and more favourable rand basket price for the metal.

2. MTN sells 100% of MTN Cyprus to Monaco Telecom

In an early morning statement on Sens, MTN Dubai confirms selling 100% of MTN Cyprus to Monaco Telecom SA for R4.1 billion, as part of an ongoing review of its portfolio. The transaction will be completed upfront, in cash. MTN expects the transaction to be concluded in the third quarter of 2018.

3. Glencore buys back more of its shares

As part of its buy-back programme, Glencore announced that it has purchased 8 038 140 of its ordinary shares of USD 0.01 on the London Stock Exchange from Citigroup Global Markets. According to a statement released on Sens on Monday, the company now holds 206 705 123 of its ordinary shares in treasury and has 14 586 200 066 ordinary shares in issue.

4. PBT Group results

Business intelligence solutions company, PBT Group released its financial results for the year ended March 31, 2018 on Monday. The company is reporting a total loss of R139.4 million after tax from continuing operations. Headline loss per share is 1.55 cents per share and headline loss per share from continuing operations is at 1.35 cents per share. No dividend has been declared for the period under review.

5. Six miners killed in fire

Six miners were killed in a fire that broke out at a copper mine operated by Palabora Mining Company. Reuters is reporting that the incident took place early on Sunday at one of its underground conveyor belts. An investigation is underway.

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