The Daily Update: 22 March

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

South Africa

Master Drilling Group Limited- Trading statement

• EPS is expected to be between 229.30 cents and 248.80 cents per share, representing an increase of between 17.4% and 27.4%.

OUTsurance Group Limited- Results and cash dividend declaration for the six months ended 31 December 2022

• Normalised earnings from continuing operations increased by 77.7% to R1.317bn, while gross written premium increased by 17.4% to R13.618bn.
• OUTsurance also saw an increase in normalised earnings of 36.3% to R1.502bn.
• Persistently high levels of inflation, rising interest rates, and an uncertain economic outlook in South Africa and Australia are the prominent macro-economic themes impacting the firm's operations.
• The Board declared an interim cash dividend of 56.8 cents per share and will be paid on Monday 17 April 2023.

CA Sales Holdings Limited- Audited results for the year ended 31 December 2022

• Revenue increased by 18.2% to R9 485 million.
• Operating profit increased by 32.4% to R531 million.
• EPS increased by 35.3% to 78.5 cents per share.
• Total assets increased by 13.7% to R4.1 billion due to the increase in fixed and intangible assets as well as working capital.
• The Board declared a final gross cash dividend of 15.35 cents per share and will be paid on Monday, 17 April 2023.

RFG Holdings Limited- Trading update to February 2023

• RFG Holdings Limited reports a 7.4% increase in revenue for the 21 weeks ended on February 26, 2023, driven by price inflation of 14.7%.
• The domestic consumer environment and competitor activity created volume pressure, leading to an overall group volume decline of 11.0%.
• Sustained load shedding continues to impact food manufacturers, leading RFG to invest in generators and renewable energy infrastructure.

Transaction Capital Limited

• Coronation Asset Management (Proprietary) Limited has acquired TCP shares and now holds 16.57% (an increase from 14.41% previously held) of the total issued ordinary shares of the Company.

The U.S.

Amazon

• Amazon announced that its laying off an additional 9,000 employees.
• This is on top of the 18,000 job cuts they announced in January.
• CEO Andy Jassy said" Given the uncertainty that exists in near future, we have chosen to be more streamlined in costs and headcount.

Netflix

• Netflix announced that it has 40 games slated for launch this year.
• Netflix currently has 70 games in development with its partners.

JPMorgan

• JPMorgan has agreed to acquire Aumni a provider of investment analytics software to the venture capital industry.
• The financial terms of the deal were not disclosed.

Coinbase

• Cathie Wood and Ark Invest sold 160,887 shares of Coinbase stock today.

Nike Earnings

• EPS of $0.79 beating expectations of $0.55
• Revenue of $12.4B beating expectations of $11.5B.
• Nike reported inventories of $8.9 Billion up 16% YoY but down from $9.3B last quarter.

GameStop Earnings

• EPS of $0.16 beating expectations of -$0.13.
• Revenue of $2.23B beating expectations of $2.18B.