The Daily Update: 20 March

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

South Africa

Merafe Resources Limited- Financial statements and cash dividend declaration for the year ended 31 December 2022

• Revenue decreased by 2% to R7 939 million.
• EBITDA decreased by 12% to R2 141 million.
• Net cash generated from operating activities increased to R1 698 million.
• Cash balance of R1 269 million.
• Final cash dividend of 13 cents per share declared.
• Ferrochrome production increased by 1% to 384kt.

Transaction Capital Limited- Market Update, and Further Trading Statement

• Core earnings per share from continuing operations are expected to be between 46% and 41% below the prior corresponding period.
• For the 12 months ending September 30, 2023, core EPS from continuing operations are forecast to be between 24% to 19% below the prior corresponding period.
• The acquisition of the additional 15% stake in WeBuyCars will be effected in accordance with the existing put and call arrangements.
• The founders' shareholding is pledged as security against a general finance facility related to the founders. Lastly, a further trading statement is provided.

York Timber Limited- Trading statement

• EPS is expected to be between 11.42 cents and 12.28 cents, representing a decrease of between 28% and 33%.

Gold Fields Limited- Dealings in securities

• An executive sold 41 665 shares for a total value of R8 531 742.05.

The U.S.

Microsoft

• Microsoft is getting ready to launch its Xbox mobile gaming store as soon as next year.
• Xbox's mobile store is designed to rival Apple and Googles mobile gaming store dominance.

Credit Suisse & UBS

• Credit Suisse has officially announced UBS will acquire the company for around $3.25 billion.
• Credit Suisse and UBS could benefit from almost $280 Billion in Swiss state and central bank support.
• Credit Suisse last week announced it would take 50B Swiss Francs to provide funding secured against collateral such as mortgages and securities.
• Swiss National Bank offered the combined bank an emergency liquidity loan of up to 100B francs.
• Credit Suisse is allowed to draw on a further 100B francs of funding via a public liquidity backstop, which is explicitly guaranteed by the Swiss government.
• The Swiss government pledged to absorb up to 9 billion francs in potential losses for UBS from the takeover.