Assisted by buoyant market conditions and the group’s diversified income streams, financial-services group FirstRand boosted headline earnings by 32% to R7,6-billion for the year to the end of June. This translated into headline earnings per share of 146,2 cents, which were 32% higher than last year’s earnings of 111 cents per share.

The JSE was firmer in noon trade on Tuesday on the back of generally stronger global markets and a decline in the international price of crude oil. However, traders said the market was off its earlier highs and that volumes were nothing to write home about.

Black clients stand to benefit from Nedbank’s black economic empowerment deal that will see approximately 11,5% of the banking group falling into the hands of a broad-based empowerment group. Black individuals who hold a primary account with Nedbank or its divisions stand to benefit from an innovative bonus-share scheme.

South African banking group FirstRand put an end to speculation late on Friday, saying it is not in talks with United States-based Citigroup. Rumours earlier this week that FirstRand could be a possible takeover target by the US bank — the world’s largest — saw a surge in the local bank’s shares.

A probe by the Competition Commission has revealed that most South African car manufacturers and their franchised dealers have been guilty of price-fixing and anti-competitive practices.The commission also said its analysis thus far indicates that prices of new cars in South Africa are much higher than in other countries.

Rail, road and freight transport group Super Group lifted headline earnings per share by 5% from 123,8 cents to 129,5 cents for the 12 months ended March. It is the 18th consecutive year that the group has delivered solid growth from operations. Revenue increased 19% to R8,3-billion.

South African’s biggest retail bank, Absa — in which British banking group Barclays is acquiring a 60% stake — boosted headline earnings by 23,3% from R4,447-billion to R5,484-billion for the year to the end of March. This translated into headline earnings per share of 841 cents, which represents a 22,1% increase on last year’s 688,5 cents.

The South African rand weakened to its worst level since October 15 last year in afternoon trade on Friday on the back of a break in the euro below $1,26. Market analysts expected the local unit to continue to lose ground going into the new week. The rand weakened to R6,5581 as the euro came under pressure.

International specialist banking group Investec CEO Stephen Koseff believes the hard work of the past few years and the group’s focus on its core businesses has paid off. "We have achieved the majority of our stated growth and financial return objectives, and we have made significant progress towards achieving the others," he says.

Buoyed by positive economic conditions and demand for credit, the country’s biggest microlender, African Bank Investments Limited (Abil), boosted headline earnings by 30% from R327-million to R424-million for the six months ended March. This translated into headline earnings per share of 90,2 cents.