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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.

New Warrant and Instalment Articles
Welcome to the Standard Bank of South Africa Limited
Market Report
Date Updated: 2/19/2020 9:14:23 AM

WHAT HAPPENED OVERNIGHT IN THE US:

  • S&P -0.3%, recovered from mid-session dip (-0.7%) to stay within half a percent of record high.
  • Mixed bag; Treasury curve flattened again but USD jumped on Empire Manuf at 9mth high.
  • Precious metals continued to run; Gold a new 6yr high >$1600; plat back above $1000. New highs palladium, rhodium.
  • Apple -1.8%, pared mid-session worst (-2.9%). Walmart +1.5%, also steadied despite missing ests. Legg Mason +24.4% on Franklin Templeton cash offer.

 

  

 SOUTH AFRICAN NEWS:

  • Palladium on the move again (+$196 from SA close yday) at another record high $2749 - no new news, deficit worries continue to drive (c20% this yr) and we've seen good ongoing industrial demand even as Chinese buying has been less prominent (& lease rates have settled from pre China hols highs). Rhodium has also accelerated again - almost doubled in price since start of the year. SGL remains most geared, then IMP, NHM, RBP (AMS least).
  • SGL new ticker = SSW.
  • SGL: H1 FY revs +44% and adj EBITDA +79% - exactly as guided last week - boosted by H2 adj EBITDA +189% (post strikes, better metals prices). Few obvious additions to fairly detailed update; B/S deleverage means net debt/EBITDA down to 1.2x (vs target 1.8x, 2.5x prior year). Q4 PGM prod +37% despite Eskom & Marikana restructuring (1.1moz ex Marikana ie above upper end of guidance). US ops at 593koz in line with revised guidance after problems at Blitz. Gold ops also normalised post strike. More to follow from analyst.
  • BID: H1 hEPS +4% vs Monday’s guided range 3%-5%; trading profit +9.2%, cash from cont ops +61.4% (net of working cap), Div +6.5%. Sees H2 impact from coronavirus but not quantified; Spain & Germany “continue to underperform” but focus on improving platform and Bidfresh UK should “return to growth” following mgmt. changes.  
  • DCP: 22wk revs +10%, mixed bag with retail comp store +2.1% - down from H1 +5.4% - on inflation +1.2%, ie volumes +0.9% from H1 3.1%. But Wholesale +18.3%, looks at a glance like normalisation (post strike inventory rationalisation) to own stores +18.2% (vs H1 +6.4%) while external +30.7% remained strong (H1 +28.5%).
  • TCP: successful placing by 3 founders last night of 69m shs – or 10% of issued shares - upsized from 65m shs on good demand. Price 2350 c9% discount to close; selling founders left with c18% which is subject to 90 day lock-up.
  • Today’s XDs: HDC 410c/MIX 4c.
  • Due this week: today 10am Jan CPI; Thurs DSY (H1), TRU (H1), WHL (H1), AIP (H1), RDF (FY); Fri ANG (FY), NHM (H1).   

 

 

 

 

 

 

 

 TODAYS KEY DATA POINTS:

  • 11am: ECB Dec Current Acc
  • 11.30am: UK Jan CPI
  • 3.30pm: US Jan Housing Starts, PPI
  • 9pm: FOMC minutes

 

 

 

 

 

 

 

 


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