Indicators giveth, and indicators taketh away

THE economy expanded by 3.3% in the second quarter after shrinking by 1.2% in the three months to March, Stats SA said. GDP also expanded by 0.6% on an unadjusted year-on-year basis, against a 0.1% contraction in the previous quarter.

CONSTRUCTION company Wilson Bayly Holmes-Ovcon reported a 23.8% rise in full-year profit as a strong performance in Australia offset slow growth at home. Headline earnings per share increased to 1 343c from 1 085c, it said.

SIBANYE Gold — a relative newcomer to the JSE — will become a constituent of the Top 40 index on September 19‚ ranked at No 34. The miner will now be a compulsory investment for tracker funds.

STEINHOFF International Holdings went on yet another shopping spree‚ this time acquiring domestic footwear retailer Tekkie Town for an undisclosed amount — its third acquisition in the past six months.

SOUTH African manufacturing output expanded by 0.4% year on year in July — well below economists’ expectations — after rising by a revised 4.7% in June, data from Stats SA showed. On a month-on-month basis, factory production was down 1.5%.

OPERATING conditions in private firms broadly stabilised but remained in negative territory in August‚ a key index showed. The Standard Bank whole economy PMI was little changed at 49.8 in August from 49.9 in July.

SOUTH Africa’s net foreign reserves fell slightly in August to $40.795-billion from $40.901-billion the previous month, the Reserve Bank said. Gross reserves also declined, to $45.708-billion from $46.157-billion, it added.

INSURER Sanlam said first-half profit fell 7% as the economy struggled to boost growth. Earnings before one-time items and other adjustments fell to R4.26-billion, or R2.08 a share, from R4.59-billion, or R2.24 a share, a year earlier.