The Daily Update: 6 June

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

South Africa

Capital Appreciation Limited- Results for the year ended 31 March 2023 and Cash Dividend Declaration

• Revenue has increased by 19.7% to reach R995.1 million.
• EBITDA has decreased by 6.3% to R235.7 million.
• Operating profit has decreased by 8.9% to R193.0 million.
• EPS have declined by 44.7%.
• The annual dividend per share has increased by 10% to 8.25 cents.
• The company has diversified its revenue streams, experiencing significant growth outside of South Africa.
• Payments' annuity income has shown strong growth, increasing by 24.1%.
• The company has raised the expected credit loss provision by R70.8 million for a loan to associate.
• The integration of the Responsive acquisition has been successful.
• The pending acquisition of the Dariel Group is expected to bring new opportunities.

Aveng Limited

• Aveng has received R210 million in payment relating to the disposal of Trident Steel.
• The payment is part of a transaction in which Aveng provided a loan and subscribed for a 30% equity stake in the new Trident Steel Business.
• The loan was subject to a call option, which has now been exercised by the option holder.
• The payment will contribute to the Group's liquidity and strengthen its balance sheet.
• The funds will also support the growth strategies of Aveng's McConnell Dowell and Moolmans businesses.

Gemfields Group Limited

• Gemfields has announced the results of a higher-quality emerald auction held from 15 May to 1 June 2023.
• The auction achieved total revenue of USD 43.7 million, setting a new record for any Kagem emerald auction.
• All 35 lots offered for sale were sold, with an average realized price of USD 165.55 per carat, another record for any Gemfields emerald auction.
• This auction also set a record for the highest price per carat paid for a single auction lot.
• Since July 2009, the 45 auctions of Kagem gemstones have generated a total revenue of USD 964 million.

Capitec Bank Holdings Limited

• The Capital Group Companies Inc has purchased Capitec shares and now owns 5% of the Company.

Discovery Limited- Dealings in securities

• The Group CEO sold 100 000 shares for a total value of R13 415 880.00.

The U.S.

Microsoft

• Microsoft has signed a deal for AI computing power with Nvidia-backed CoreWeave that could be worth billions.
• CoreWeave offers Nvidia graphics cards that other companies rent out.
• Nvidia invested $100M in CoreWeave, which in April was valued at $2B.

Dell Earnings

• EPS of $1.31 beating expectations of $0.85.
• Revenue of $20.9B beating expectations of $20.27B.

Coinbase

• The SEC is suing Coinbase in New York Federal Court.
• The SEC claims is acting as a unregistered broker.

Apple

• Apple have released their $3499 AR/VR headset. 
• Apple also announced new updates to it's watches and phones.

Binance

• The SEC has sued Binance and its CEO for breaking US securities rules.