The Daily Update: 16 March

June 19, 2024

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


South Africa

Transaction Capital Limited- Previous Dealings in Transaction Capital Shares by an Associate of the Chief Executive Officer

  • An associate of David Hurwitz, the Chief Executive Officer (CEO) of Transaction Capital, sold 1.6 million of the company's shares on 13-19 December 2022 to reduce the Trust's debt.
  • The Trust retained 2.3 million Transaction Capital shares.
  • The correct procedures were followed by the TC CEO, who informed the Company Chairman and Secretary about the Trust's debt covenants and requested permission to sell the shares.
  • The Chairman approved the sale after consulting with other Transaction Capital directors and noting that there was no sensitive information that would preclude permission to deal.
  • There have been no other sales of Transaction Capital shares by the TC CEO, the Trust or any other associates of the TC CEO since the Share Sales.

Exxaro Resources Limited- Reviewed financial results for the year ended 31 December 2022, Final Dividend and Changes to the Board

  • Revenue grew by 41% to R46.4 billion.
  • Net operating profit grew by 67% to R16.2 billion.
  • AEPS grew by 11% to 5 713 cents.
  • HEPS grew by 28% to 6 016 cents.
  • Exxaro has declared a final dividend of 1 136 cents per share and will be paid on Monday, 8 May 2023.

African Rainbow Capital Investments Limited- Interim financial results for the six months ended 31 December 2022

  • Several of the large early-stage portfolio companies have shown significant advances, including Rain, TymeBank, Tyme Global, and Kropz Plc.
  • Intrinsic net asset value (INAV) was stable at R13,272 million, and INAV per share decreased marginally by 1.7% to R9.88.
  • Cash in the ARC Fund increased by 57% to R1,051 million, while debt in the fund increased by 43% to R1,396 million.
  • Major disposals were finalized, including Afrimat shares, PayProp, and Humanstate
  • Major additional investments included a R490 million investment in TymeBank and Tyme Global.
  • ARC Investments has a diverse portfolio of listed and unlisted assets that have shown resilience against the challenging macroeconomic environment.
  • The Company's intrinsic investment value in the ARC Fund increased by 0.2% to R13,272

Investec Limited- Trading statement

  • Basic earnings per share is expected to increase by between 60% and 67% to between 83p and 87p.

ADvTECH Limited- Trading statement

  • Basic EPS is expected to increase by between 18% and 23%.


The U.S.

Credit Suisse

  • Credit Suisse is borrowing from the Swiss National Bank up to around $53B under a "covered loan facility as well as a short term liquidity facility".

Berkshire Hathaway

  • Warren Buffett's Berkshire Hathaway filed for its purchase of 7.9 Million more shares of Occidental $OXY at an average price of $59.17 per share.
  • Berkshire now owns 208M shares of Occidental.

Ark Invest

  • Cathie Woods Ark Invest has raised over $16 million for a new private crypto fund.

Adobe Earnings

  • EPS of $3.80 beating expectations of $3.68.
  • Revenue of $4.66B beating expectations of $4.62B.

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