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Warrants and Share Instalments

Welcome to The Standard Bank of South Africa Limited's ("Standard Bank") Warrants website, which provides information on the warrants and share instalments issued by Standard Bank, together with general information relating to warrants and market information. Access to and use of the information provided on this website is subject to the Terms and Conditions, Privacy and Security Statement and Disclaimer.

Financial and other information relating to Standard Bank as the issuer of the warrants and share instalments as well as the terms and conditions governing the warrants and share instalments are set out in the Common Terms Document and related annexures and/or supplements. The warrants and share installments set out on this website are subject to certain selling restrictions which are documented in the Common Terms Document and related annexures and supplements. In particular warrants and share instalments may not be offered or sold within the United States of America or for the account or benefit of U.S. persons. Further restrictions may also be applicable in respect of non-residents and potential investors should ensure that they are they are familiar with all such restrictions.

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Welcome to the Standard Bank of South Africa Limited
Market Report
Date Updated: 2/21/2017 8:30:29 AM

WHAT HAPPENED OVERNIGHT IN THE US:

·         US closed for President’s Day. Reopens today.

WHAT’S UP THIS MORNING IN THE EAST:

·         Asia mixed. Hong Kong -0.3%, giving some back (Tencent -0.8%). But China +0.1%, holding yday’s late push.

·         Australia -0.1%, held back by IT & utilities. But resources indicating London up 0.5% - & that was before we got BHP nos with some upside surprise from dividend (40c vs ests 35c). Mgmt warns iron prices to “come under pressure” – but tell that to Dalian buyers.

·         Dalian iron +3.8%, likely to lift spot above $95 for first time in 2-&-half years as steel mills ratchet up production ahead of March Party Congress where authorities historically force industry to close.

SOUTH AFRICAN NEWS:

·         Expect AllShare +0.50%. From SA close yday, gold -$5 ($1233), plat -$3 ($1001), copper +0.5% ($2.76/lb), oil unch ($56.15), USDZAR unch (13.06).

·         IPL: H1 core EPS down 8% vs guided range 6%-13%, hit by FX losses, higher finance costs & mortisation. Group revs & operating profit from cont ops both +3% (vs Nov guidance “single digit” & “decline” resp) - and group operating margin held at 4.8%. But outlook cautious; Logistics to see some H2 pressure and Vehicles ongoing drag. Fwd PE c.13x is in line with Bidvest, but weaker relative EPS outlook highlights risk of relative de-rating.

·         SHP: H1 dil hEPS +15.5%, trading profit +19.2% - looks good. We already had turnover, so this was all about trading margin – which they increased to 5.48% (from 5.24%), managing to keep cost growth (+12.6%) below t/over (+14%). Internal inflation up to 7.4% (from 2.7% year ago) – highest in years but unlikely to be sustained. Expect these numbers to underpin yday’s move in share price, but not much more.

·         BIL: H1 underlying earnings $3.2bn in line, but interim dividend 40c about 5c ahead of consensus (ie 30c per the policy plus additional 10c). Net Debt a tad lower at $20.06bn (vs consensus US$22.5bn).

·         ANG: FY basic earnings $63m vs guided range $54m-$71m, cash costs $744 vs $730-$750, prod 3.628m oz vs 3.6-3.65m. Div 130c will be welcomed but shouldn’t be a huge surprise given improvement in cash flow.

·         CSB: guiding H1 EPS up 5%-10% after excluding impact of BEE deal in prior period.  

·         SPG: H1 core hEPS +3.2%, cash up 11%, revs +15%.

·         Also due today: AGL FY, BLU H1.

·         AGMs: TBS

·         ZAR shook off intraday nerves yday on Friday reports of Brian Molefe’s swearing-in as MP - feeding into recent speculation he is set to replace Gordhan at finance ministry. It is pretty clear that a cabinet reshuffle is on the cards, but the big question is whether Zuma would dare to touch the FM. We suspect not. If he removes Gordhan, he will face a major backlash from within the ANC (& markets). We continue to argue that Zuma doesn't have the base to see it through successfully - recall he was forced into a u-turn over his appointment of van Rooyen back in Dec 2015, and his position is far weaker now. A more likely outcome is that Molefe will be appointed to a role in economic cluster where he will be able to have some influence over economic policy (eg Public Enterprises for overseeing SOEs, Energy for nuclear build, or Dept of Trade & Industry for black industrialists programme).

TODAYS KEY DATA POINTS:

·         10am: France Feb Markit PMI first read (Manuf 53.5, Services 53.9)

·         10.30am: Germany Feb Markit PMI first read (Manuf 56, Services 53.6)

·         4.45pm: US Feb Markit PMI first read (Manuf 55.3, Services 55.8)

 


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