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Five things making headlines in South Africa today

Huge Group and Cloud Atlas results, Sibanye-Stillwater to address safety concerns, Absa PMI data, petrol to increase as of July 4.
June vehicle sales figures expected, and petrol price hikes in July. Picture: Bloomberg

Here’s what caught our attention on Monday:

1. Huge Group results

Huge Group results scaled up significantly  for the year ended February 28 2018. Ebitda increased by 145% from 2017 and Ebitda margin increased to 31.9% from 21.4% in 2017. Operating profit increased by 168%, and net profit after taxation increased 188%. Basic earnings per share is at 47.40 cents and headline earnings per share at 46.34 cents. No dividend has been declared for the period under review.

2. Cloud Atlas results

Cloud Atlas, an exchange-traded fund, made its debut on the JSE in April 2017. For the financial period starting April 1 2017 to December 31 2017, the company is reporting a dividend income of R177 540 and an interest income of R670. The company results shows a net loss of R1 577 566 attributable to participatory holders.

3. Sibanye-Stillwater to hold conference

The mining company which came under immense fire last week due to reported miner fatalities will be holding a conference on Monday to address safety issues at the mine. Twenty-one miners were killed at the company’s mines since the start of 2018. Sibanye-Stillwater received backlash from labour unions and some law firms, demanding answers and accountability for the deaths.

Listen: Sibanye to face class action suit following rise in fatalities

4. Absa manufacturing and new vehicle sales

The Absa Purchasing Managers’ Index (PMI) for June fell the most in three months to 47.9 from 49.8 in May. 

Read: PMI slumps to lowest level in three months in June

5. Fuel prices to rise in July

July welcomes you with another petrol price increase. Reuters is reporting that fuel prices will increase by more than 1.5% from July 4. The petrol price will increase by 26 cents to R16.02 per litre in Gauteng. The price of wholesale diesel will also rise by 26 cents to R14.45 per litre.

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