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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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Market Report
Date Updated: 11/21/2019 8:50:09 AM

WHAT HAPPENED OVERNIGHT IN THE US:

  • US markets dropped mid-session on trade deal ‘snag’, according to Reuters.
  • Report of deal delay beyond end-2019 followed Bberg on Tues also flagging hold-ups.
  • Fed minutes later showed committee had limited concerns that weak business sentiment was “spilling over”, but did see “elevated” risks.
  • Treasury curve flattened again – if so far still holding most of its post-Aug steepening in 2’s & 10. USD remained subdued; Gold held steady at $1470.  

 SOUTH AFRICAN NEWS:

      SARB rate decision due 3pm with outcome finely balanced between cut and on hold, according to FRAs. We are backing the cut (-25bps to 6.25%) – not necessarily related to yday’s soft inflation data but that does serve to underline weak growth (we expect Q3 +0.1% q/q sar). The main argument against the cut is looming downgrade from Moody’s – though we argue it’s already discounted, and we don’t see any adverse risk to the cut, nor for it to affect SARB credibility.

       MRP: H1 dil norm hEPS -7.2% (to 447.5c) still hurt by MrPrice Apparel where sales and margin contracted. Group GP margin -260bps was almost entirely all from this division where sales also remained weak – H1 MrpRPice Apparel comp sales -4.3% (vs 4mths -5.3%) still showing few signs of significant improvement. Statement insists remedial action from new mgmt. team is in place but due to retail cycle times, action taken is only likely to “positively impact trading from the high summer period”. This is esp disappointing since guidance at 4mth update had been of “early signs of a performance recovery into spring”. (Nb, Short interest is currently around 4.3% ie 9m shs).

  • LHC: FY norm EBITDA +3.5% to R5.7bn – bang in line with mid guidance. Rest had also been well guided in some detail, including reasons for EBITDA margin decline, but revenue growth of 9.3% in PET-CT in UK might go some way to mitigate costs associated with “operational challenges” in delivery of radio-isotopes, and Southern Africa also decent top-line +7.1% (positive PPDs). Outlook guides “flat” acute PPDs, and ongoing roll-out of PET-CT; sees H1’20 EPS up “more than” 20%, “primarily” due to mark-to-market loss in prior period.
  • MMI: Q1 dil norm hEPS +13% y/y (to R0.9bn) driven by life & investment businesses, but new business vol -24% y/y (& new business margin 0.8% down from 1.1% in Q1 2019) – weak across retail and non-life. Africa growing with new business of R5m but co. disposing of entire stake in Nigeria.
  • Week ahead: today INP (H1), 3pm SARB announces rates; Fri NPN (H1).   

   

 

 TODAYS KEY DATA POINTS:

  • 3.30pm: US initial jobless
  • 5pm: US Oct Existing Homes Sales

 


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