The furniture retailer’s balance sheet was burdened by climbing bad loans and restructuring within the group.
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The struggling retailer’s shares rose on news that it had found a buyer for its loan book, allowing it to focus on its retailing and product range.
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Telkom says it has appointed former Absa group financial director Jacques Schindehutte as its new chief financial officer and director.
The all-share index has been buoyed by resources, but there is no hiding the carnage.
Stocks were slightly lower at noon on Tuesday with banks dominating the loser board on inflation worries, but miners capped losses on a weaker rand and firm metal prices, traders said. At 11.56am, the all-share index was down 0,23%, weighed by a 1,70% drop in banks.
South African furniture retailer JD Group said on Monday profit attributable to shareholders fell to R138-million in the six months to end-February due to tighter consumer spending. The group said its diluted headline earnings dropped 45% to 221 cents per share in the same period.
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/ 29 January 2008
Positive sentiment flowing through from world markets and a boost from the platinum mining sector helped support the JSE on Tuesday. Speculation that mines could return to production after operations had been halted the last few days because of power supply concerns, underpinned the rally in the mining and resources sector.
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/ 30 November 2007
The JSE was sharply higher by noon on Friday as gains among mining and resource stocks added some cheer. At noon, the JSE’s all-share index rose 1,12% as the gold mining index advanced 2,59%. Resources collected 2,52% and the platinum mining index recovered 1,5%.
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/ 5 November 2007
The JSE remained weak at midday on Monday, in line with overseas markets as the troubled US subprime housing market continues to unsettle investors worldwide. At noon, the JSE’s all-share index was off 0,96%, resources fell 1.70%, the platinum mining index weakened 1,74%, but the gold mining index added 0,98% as the gold price stayed above $800/oz.
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/ 27 September 2007
Good buying interest was seen across the board on the JSE on Thursday and by midday the all-share index was up 224 points, with one trader speculating that it could close above the 30 000 level. A trader said the JSE was approaching its all-time high of 30 046,3, reached on Tuesday.
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/ 26 September 2007
The JSE was steady at midday on Wednesday, unmoved by the release of local CPI and CPIX data which was in line with market expectations. By noon, the JSE’s all-share index had collected 0,52% as the gold-mining index advanced 1,22%. The platinum-mining index added 0,95% and financials climbed 0,68%.
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/ 7 September 2007
The JSE all-share index gave up earlier gains of just over 0,5%, trading at just 0,21% in the black shortly before midday on Friday. "It hasn’t been an exciting day, we are up slightly. We initially saw gold stocks up on the stronger gold price, which supported the rest of the market," said a local trader.
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/ 6 September 2007
The JSE all-share index held onto its gains at midday on Tuesday, with the resource index shining brightly — underpinned by good buying interest in resource stocks Anglo American and BHP Billiton. By noon, the all-share index rose 0,50%. Resources advanced 1,25% and the gold mining index edged up 0,38%.