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Use the fruits of the past to produce a... |
THE WEEK AHEADMONDAY: Barlow Rand's share price has been falling steadily over the past few months amid concerns over the performance of some of its divisions. At the interim stage the group forecast a rise in earnings of 25% for the full year to end-September. The market has, however, already discounted this performance, expected to be announced today. Strong results from its mainstays PPC and Bibby's Plc look set to strengthen the bottom line, but there are concerns about the performance of its motor vehicle trading arm and the possible closure of its appliance and manufacturing divisions. TUESDAY: Johnnic's annual general meeting this week will witness a historic occasion. The shareholders will vote on the offer by the National Empowerment Consortium for Anglo American's 35% stake in the group and the appointment of 10 new directors from the NEC. This will push the number of directors to 20, but in terms of an agreement between the parties the 10 NEC directors will vote in the new chairman, ANC secretary-general Cyril Ramaphosa. In his first official duty as chairman Ramaphosa will be the guest speaker at Business Times's Top 100 Companies function tonight. WEDNESDAY: The Department of Transport hosts a two-day conference on the future of the Multilateral Motor Vehicle Accidents Fund this week. The conference will try to draft a common policy by evaluating responses to the department's White Paper issued earlier this year. The MMF is facing a funding crisis as new claims continue to exceed levy income. In the year to end-April 1996 new claims totalled R2,33-billion whereas income amounted to a mere R1,24-billion. Payments are expected to average about R1,3-billion every year until the end of the decade. THURSDAY: Hot on the heels of South Africa's largest pharmaceutical merger, Adcock Ingram releases its results for the year to end-September this week. In the six months to end-March its earnings were up by 14% to 47,2c a share on a 5% rise in turnover to R591-million. The R5,3-billion merger with Premier Pharmaceuticals will give the joint company a stake of only about 12% in the local market, but a much stronger base in its competition against multinationals. FRIDAY: Although consumer spending is showing a marked slowdown, analysts expect CG Smith to perform satisfactorily in the year to end-September and to repeat its 20% earnings growth at the interim stage. The group, which is the holding company of leading consumer product companies such as Nampak, ICS and Tiger Oats recently shed its holding in Romatex at what analysts termed a throw-away price.
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