Five things making headlines in South Africa today

Schroder and Stor-Age results, Eskom and Nersa at tariff tug-of-war, Sibanye-Stillwater miner deaths rise, government bond auction.
Sibanye-Stillwater CEO, Neal Froneman says seismic events at mines are a fact of life- as death toll increases. Picture: Moneyweb

Here’s what caught our attention on Tuesday:

1. Eskom at risk of ‘going concern’ status

Power utility Eskom is at risk of being put under ‘going concern’ status if energy regulator, Nersa does not grant Eskom R66.7 billion in additional revenue, through increased electricity tariffs, Moneyweb reported. Nersa decided to grant Eskom a 5.23% tariff increase, which is a blow to Eskom’s request for a 19.9% increase. Eskom is taking the matter to court, to ask Nersa to reconsider its decision.

2. Schroder financial results

Schroder European Real Estate Investment is reporting a 157% increase in profit to 10.8 million euros for its half-year results ending March 31 2018, citing uplifted portfolio values and growth in net income. The company is reporting a 4.9% increases in net asset value to 187.1 million euros or 129.9 cents per share. Dividend of 1.85 cents per share has been declared for the period under review.  

The company’s second interim dividend, for the year ended September 30 2018, has also been set at 1.85 euro cents per share.

3. Stor-Age results

Stor-Age Property and real estate investment trust is reporting a like-for-like growth in rental income and net property operating income of 10.6% and 11.8%, respectively. The company says it has managed to produce strong trading results for the financial year ending March 31 2018. The company is declaring a total dividend of 97.83 cents per share, up 11. 1% compared to 2017. The company made four acquisitions in 2017, three in South Africa and one, namely, Stor-Age King in the UK.

4. Sibanye mine deaths pile up

Death tolls in the mining industry continue rise. Three gold miners were reportedly killed in a Sibanye-Stillwater plant on Monday, while rescue teams search for another two miners. Reuters is reporting that, in total, 18 miners have died at Sibanye’s mining operations in 2018.

5. Government weekly bond auction

The South African government will hold its weekly bond auction on Tuesday.

Update to follow.

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