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Five things making headlines in South Africa today

State capture inquiry continues, Distell, Transcend results, MMI Holdings and Afrocentric trading statements.

Here’s what caught our attention on Friday:

1.State capture inquiry continues

The inquiry into state capture runs for a third day on Friday- after a two-day breather. Mcebisi Jonas takes the stand today, and is expected to testify on how the Gupta brothers tried to lure him and offer him almost R600 000 and R600 million later, if he had accepted the position as finance minister.

Read: Jonas tell inquiry Guptas threatened to kill him

2.Distell results

Wine, spirit and cider producer Distell is reporting an increase in group revenue of 10.4% to R24 billion for the six months ended June 30 2018. Headline earnings decreased by 5.6% to R1.5 billion, while headline earnings per share decreased by 5.7% to 668.2 cents. The company is declaring a total dividend of 395 cents, up 4.2%.  

3.MMI Holdings trading statement

Financial services group, MMI issued a trading statement for the year ended June 30 2018. The company says it expects core headline earnings per share to decrease between 5% and 15% or 170 and 190 cents per share from the previous year. MMI says diluted core headline earnings per share was negatively impacted by increased investment in client engagement activities, higher expenditure in technology and weaker persistence in metropolitan retail. Meanwhile, the company says it expects basic earnings per share to also decrease by between 5% and 15% to 84 or 94 cents per share. Results will be released on September 5 2018.

4.Transcend results

Transcend Residential Property Fund is reporting a marginal increase in revenue to R78 million and an increase in headline earnings per share to 32.89 cents from 27.26 last year. The company is declaring a dividend of 30.09 cents per share for the six months ended June 30 2018.

5.Afrocentric results

Afrocentric Investment Corporation issued a trading statement for the year ended June 30 2018. The company is expecting headline earnings per share to increase between 96.78% and 112.80% or between 43.96 cents and 47.54 cents. It also expects basic earnings per share to rise by 104% and 120.02% or by 43.31 cents and 46.71 cents. The company is expecting to release its results on September 17 2018.  

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