Absa, South Africa's biggest retail bank, said on Monday it expects group headline earnings per share and EPS to be between 15% and 19% higher in 2007. Absa, which is majority-owned by Britain's Barclays, said headline EPS and EPS for the bank unit would be between 25% and 28% higher than the previous year.
Absa Group chief operations officer Peter Mageza has been appointed as an executive director on the boards of Absa Group and Absa Bank, with effect from September 10. Mageza who has been with the Absa Group since 2000, was appointed as COO three years ago.
The bank and resources indices kept the JSE in positive territory on Tuesday, lifting the bourse 0,7% higher by midday. Banks advanced 2,14% and financials collected 1,14%. The gold mining index added 1,46%, resources lifted 1,11% and the platinum mining index was up 0,58%. However, industrials were down 0,12%.
The JSE continued to extend its reach into the red at midday on Thursday, following nervous world markets. By noon on the JSE, the all-hare index was 1,14% lower, led by a 1,87% retreat in resources. The gold mining index pulled back 1,06% and the platinum mining index was off 0,89%.
South Africa's third-biggest bank, Absa, and food and clothing retailer Woolworths are to enter into a joint venture, the companies said in separate statements on Wednesday. The venture "will provide Absa with access to customers in the retailer finance market at point-of-sale", Absa said.
Former Absa CEO and chairperson Dr Danie Cronje has been appointed as the independent non-executive chairperson of Sappi, the global pulp and paper group announced on Wednesday. He succeeds Eugene van As, whose impending retirement as chairperson and from the board was announced earlier.
Absa and the National Housing Finance Corporation (NHFC) on Monday signed a memorandum of understanding to speed up the provision of housing in several provinces. Absa has committed R2,6-billion for the building of 100Â 000 units by 2010. The bank has also committed an additional R150-million for project preparations.
