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Five things making headlines in South Africa today

Q3 Consumer Confidence, Alex Forbes CEO sacked, Ascendis results, Altron trading statement, Liberty Two Degrees retail update.

Here’s what caught our attention on Tuesday:

1.Q3 Consumer Confidence

South Africa’s consumer confidence crept up in the third quarter of 2018, as it increased to 38 index points from 28 index points in the second quarter of 2018, data from Trading Economics shows.

2.Alexander Forbes CEO termination

Alexander Forbes issued a statement via Sens on Tuesday notifying shareholders that Andrew Darfoor’s position as the company’s CEO and director has been terminated with immediate effect.  The board says this is a result of a loss of confidence and trust in Darfoor. Non executive director Marilyn Ramplin will assume the position temporarily.

Read: Alex Forbes CEO fired

3.Altron trading statement

Allied Electronics Corporation expects an increase in headline earnings per share of between 22% and 28% to 81 and 84 cents from total operations for the half year ended August 31, 2018. Headline earnings per share from continuing operations is expected to increase by 45% and 52% to 68 cents and 71 cents. The results are expected to be released on October 25.

4. Ascendis Health financial results

Ascendis Health is reporting a 14% increase in normalised headline earnings to R738 million, while normalised headline earnings per share increased by 2% to 159.7 cents for the 2018 financial year. Revenue also increased by 21% to R7.7 billion. The board has elected not to declare a final dividend.

5.Liberty Two degrees retail update

Liberty Two Degrees issued a retail update following the release of its last financial results, in which it notes that the company’s trading performance has been on an upward trend, specifically in the Sandton City and at the Eastgate Shopping Centre. Liberty Two Degrees says for the 12 months to June 30, the portfolio reported a positive trading density growth of 2.8%. 

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