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Five things making headlines in South Africa today

Clover results, Tax Indaba, retail sales and Sacci business confidence, Group Five results due.

Here’s what caught our attention on Wednesday:

1. Clover results

Food and beverage manufacturing company, Clover, has proven resilient against the backdrop of a tight political and economic climate as it delivers a 224.7% increase in normalised headline earnings to R394.9 million and a 223.8% increase in normalised headline earnings per share to 206.9 cents for the year ending June 30, 2018. It says this is a result of its implementation of new strategies in the company. Normalised earnings per share also increased by 152.9% to 210.2 cents, revenue decreased by 17.4% to R8.3 billion, and a total dividend of 75.24 cents has been declared, up 210.8%.

2. News from the Tax Indaba

Tuesday saw the second day of the annual Tax Indaba, and tax practioner, Nishana Gosai, made mention of something which perhaps all South Africans are happy to hear, “higher taxes not the answer to revenue shortfalls’. This comment was made in reference to the deterioration of tax compliance in South Africa. Delegates at the indaba instead resolved that South Africa must increase its tax base and adopt more enabling policies. The indaba takes on its third day on Wednesday. 

3. Retail sales for July

South African retail sales rose 1.3% year-on-year in July after increasing by a revised 1.8% in June, the statistics office said on Wednesday.

4. Sacci business confidence

South Africa‘s business confidence fell in August to 90.5 from 94.7 in July after activity was hit by a decline in merchandise export volumes, a weaker rand and higher inflation, a survey showed on Wednesday.

5. Group Five results

Construction company, Group Five is expected to release its results for the year ended June 30, 2018 on Thursday. In a trading statement issued in August, the company notified shareholders that it expects a headline loss per share of between 52.4% and 70% (1 300 cents and 1450 cents).

Update to follow.

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