Bulk exports surge but inflation tipped to rise

INVESTMENT holding company PSG said it expected to report annual headline earnings per share growth of 50%. The jump was mainly thanks to 51%-owned black economic empowerment trust Dipeo swinging to a profit from a loss. PRIVATE hospital operator Mediclinic released a trading update saying it had stemmed the losses from its Abu Dhabi acquisition. Its operations all performed in line with expectations during the year to end-March, it said. BULK export volumes surged 27.4% year on year in March to 14.1 million tons after an 18.6% jump in February to 14.9 million. This followed a 2.8% drop in 2016 to 163.3 million tons, Transnet National Ports Authority data showed. MURRAY & Roberts said its Australian subsidiary had won a contract to develop a new gold mine, describing it as a major milestone in the unit’s “transformation from mid-level to being recognised as a top-tier mining contractor”. THE Reserve Bank said it expected inflation to return to the upper part of the target band (3%-6%) over the next three years but warned that the cabinet reshuffle and credit rating downgrades had made the outlook “unusually uncertain”. S&P GLOBAL Ratings’ axe fell on four listed insurers. Old Mutual Life Assurance Company of SA, Sanlam, Liberty and Santam had their national scale ratings cut at least one notch, although all remained above investment grade. MANUFACTURING production decreased 3.6% in February compared with February last year. Seasonally adjusted manufacturing production decreased 0.4% in February this year compared with January this year. SALES by retailers totalled R58.58-billion in February this year, 1.7% lower than the R59.5-billion in February 2016. This marked the second month of declining sales after January’s 2.3% decline on the same month in 2016, Stats SA said.