Hits&Misses
Retail activity rises sharply, but record fuel price increases loom
RETAIL trade sales started 2022 on a positive note, recording an annual increase well above market estimates, Stats SA said. This was the fifth straight month of growth in retail activity and at the fastest pace since June. Annual retail trade sales increased by 7.7% in January compared with the same month in 2021, up from an upwardly revised 3.2% rise the previous month and above market estimates of a 4.9% gain.
CONFIDENCE in the building sector rebounded to the highest level in four years, reflecting optimism in prevailing business conditions and highlighting better activity growth. The FNB/BER building confidence index rose six points in the first three months of 2022 to 40, after slipping to 30 in the preceding three months.
ALUMINIUM supplier Hulamin flagged a significant return to profit in 2021, with beverage can demand boosted by environmental awareness and a glass shortage. The group expects profit of as much as R606m for the year to end-December, from a loss of R239m previously, adding it also had a healthy order book for 2022.
SOUTH Africans can expect record fuel price increases in April, delivering yet another blow to consumers. Commenting on midmonth fuel data released by the Central Energy Fund, the Automobile Association projects fuel prices of about R24 a litre for petrol and R23.60 for diesel. Based on the current data, 95 octane petrol is set to increase by R2.15 a litre, 93 octane by R2.07 a litre and diesel by between R2.94 and R3.08 a litre.
EXCESSIVE rainfall, load-shedding and the rising cost of farming inputs such as fuel, fertiliser and agrochemicals were some of the factors that led to a decline in business confidence in the farming sector in the first quarter of 2022. The Agbiz/IDC agribusiness confidence index moderated by 12 points to 62 after reaching its second-highest level on record in the fourth quarter of 2021.
THE
government extended the national state of disaster for another month, until April 15, as it grapples with crafting alternative legislation to manage the pandemic.