Hits&Misses

Manufacturing sentiment up but Eskom sinks deeper into debt

AN index measuring manufacturing sentiment jumped to a 13-year high in August after further easing of coronavirus restrictions supported domestic demand and exports. Absa’s purchasing managers’ index, compiled by the Bureau for Economic

Research, surged to 57.3 from 51.2 in July.

IMPALA Platinum, SA’s third-largest source of platinum group metals, pumped cash and returned to dividends after a six-year break despite losing R4.9bn in revenue to disruptions from the pandemic. It reported an after-tax profit of R16.5bn for the year to end-June against

R1.2bn the year before and declared a final dividend of R4 a share, bringing the total return to shareholders to R5.25.

IN apparent confidence in his ability to turn around the fortunes of the retailer, Massmart CEO Mitchell Slape, roped in by parent company Walmart about a year ago, bought more than R8m of its shares.

ESKOM’S debt stood at R488bn at end-March, an increase from R440bn at the 2019 year-end, pre-audit figures presented to parliament showed. A draft of a cash-flow statement presented to the standing committee on appropriations showed that Eskom would not have had sufficient cash to service its debt over the past financial year had it not been for the government bailout.

THE Unemployment Insurance Fund’s commissioner and other senior managers overseeing government efforts to provide relief to workers who lost income due to the pandemic were suspended after the auditor-general uncovered alleged fraud and irregularities in the system.

OLD Mutual, whose halfyear earnings dropped by two-thirds, is unlikely to show meaningful recovery for another year as it forecast worsening Covid-19 death claims and weak demand for insurance products.