Business Updates: Rand, Markets still under pressure, Trellidor and Attacq property Results

Rand, markets still under pressure after major meltdown

The rand has suffered an almighty shock – falling 3% in a single day yesterday. It was trading at R16.82/$ this morning from R16.10 on Friday. Turmoil hit global markets as investors worry about surging Covid-19 daily cases, a possible “mini lockdown” in the UK, and allegations of money laundering at big-name banks.The JSE’s all-share index fell to its weakest level since June, while commodity prices plummeted. Gold slumped over 3% and silver plunged by 8.3% 

Trellidor slammed by lockdown

Trellidor reported a 66% decline in headline profit, with sales down 18% to R422 million in the year to end-June. In the last three months of the financial year – at the height of lockdown – revenue was R72 million below the internal forecast for the quarter.

“Sales through May and June, for the Group, remained subdued as the economy slowly started to rebuild following the hard lockdown of April.”

UIF TERS payments resume

After a long delay amid questions over fraudulent payouts, the UIF resumed payments of Covid-19 Temporary Employee Relief Scheme (TERS) benefits yesterday. 

Attacq property valuations decline

Attacq, which owns Mall of Africa and Gauteng’s Waterfall City mega-development,  posted results for the year to end-June  this morning, showing that its net asset value per share declined by almost 26%, while the valuations of its SA properties fell by almost 9%.

Business Insider SA

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