The Daily Update: 14 March

The latest updates from the JSE and NYSE over the past 24 hours.

South Africa

Sun International Limited- A Financial Results and Cash Dividend Declaration for the year ended 31 December 2022

• Group income grew 44% to R11.3 billion.
• Its gaming income from casinos, Sun Slots, and SunBet showed a significant recovery, with income up by 36%. 
• Sun International's South African operations' adjusted EBITDA margin improved from 28.2% in 2019 to 29.7% in 2022. 
• SunBet generated record income during the year, while the Sun Slots business proved resilient with a strong recovery in trading. 
• The company has declared a final cash dividend of 214 cents per share and will be paid on Monday, 3 April 2023.

Sibanye Stillwater Limited

• Sibanye-Stillwater's Stillwater West mine in Montana, USA suffered damage to shaft infrastructure during scheduled non-routine maintenance on the winder.

Transactional Capital Limited- Pre-close update and Trading Statement in respect of the half year ending 31 March 2023

• The company's divisions are well positioned to benefit from structural opportunities in the local and global environment and are advantageously placed to benefit from accelerated digital adoption.
• WeBuyCars experienced some margin pressure in the first quarter of FY2023, and expected earnings for HY2023 will decrease by not more than 20%.
• SA Taxi and Gomo will be restructured to a new mobility platform, branded Mobalyz, which is expected to report significantly lower core earnings from continuing operations than HY2022.
• Core earnings per share from continuing operations for HY2023 is expected to decrease by greater than 20%, but no more than 50%, when compared to the reported core EPS from continuing operations for HY2022.
• The balance sheet remains in a healthy position.
• Management is proactively addressing the cyclical headwinds facing SA Taxi's business model through an aggressive restructuring to right-size this business and position it for future growth.
• Transaction Capital shares have fallen by 37% so far today.

Old Mutual Limited- Reviewed preliminary annual results and final dividend declaration for the year ended 31 December 2022

• Basic EPS grew by 10% to 166.0 cents per share.
• Funds under management fell by 4% to R1 228.9 billion.
• Gross flows fell by 9% to R178 027 million.
• Old Mutual also implemented its Broad-Based Black Economic Empowerment deal, Bula Tsela in November 2022, which aims to increase its B-BBEE ownership to above 30% and has enabled the company to deliver on its transformation commitments.
• The South African economy grew by 2% in 2022, lower than the 4.9% achieved in 2021, and inflation averaged 6.9% in 2022, up from 4.5% in the prior year.
• The value of new business grew by 16%, due to strong sales growth in Mass and Foundation Cluster as well as a change in mix towards higher margin business in Mass and Foundation Cluster and Old Mutual Corporate.

The U.S.

Volkswagen

• Volkswagen plans to invest more than $190 Billion over the next 5 years.
• More than 66% of that investment is allotted for "electrification and digitalization.

Binance

• Binance will halt deposits and withdrawals for the British Pound starting May 22nd.

Silicon Valley Bank

• Silicon Valley Bank was the 15th largest bank in the US based on total assets as of November 2022.
• 4 months later they now no longer exist.

Tesla

• Cathie Wood and Ark Invest bought 26 727 more shares of Tesla stock today.

Nike

• Nike has just entered into a $1 billion Credit Agreement with Bank of America.
• "The 364Day Credit Agreement provides for up to $1 billion of borrowings pursuant to a 364-day unsecured revolving credit facility, which is available for working capital and general corporate purposes, including supporting the issuance of commercial paper".

Meta

• Meta has announced that it expects to further reduce the size of its workforce by around 10,000 people.

US CPI

• CPI for February came in at 6%, in line with expectations.