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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Pick n Pay Stores Limited    PIK   ZAE000005443

PICK N PAY STORES LIMITED

(PIK)
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South Africa's rand gains on yield hunt, U.S. stimulus hopes

10/20/2020 | 01:10pm EST

JOHANNESBURG, Oct 20 (Reuters) - South Africa's rand firmed on Tuesday, building on recent gains as investor demand for high-yielding, riskier assets was spurred by signs the United States would conclude a new stimulus package.

At 1600 GMT, the rand was 0.27% firmer at 16.4750 per dollar compared with an opening level of 16.5375. Trade was subdued, reflecting the overall caution in markets ahead of U.S. elections in November and concerns about a resurgence of COVID-19 infections, especially in Europe.

The U.S. stimulus programme, which will add to the $3 trillion in coronavirus relief already approved this year, has been key to market sentiment. Democrats and Republicans were said to be close to agreeing a deal on Tuesday.

With no top-tier data due locally this week, and the medium term budget set for next Wednesday, the rand continued to be driven by global risk sentiment and investors search for high yields.

South Africa's currency and bonds offer some of the highest returns among emerging markets, and have remained attractive despite mounting fiscal risks, with the economy in a four-quarter recession.

"The South African currency continued to benefit from external factors, with attractive carry underpinning rand strength despite a brittle economic backdrop. Global risk appetite supported the local unit," said analysts at NKC African Economics.

In fixed income, the yield on the benchmark government bond due in 2030 was flat at 9.3%.

Stocks rose slightly on hopes for the U.S. stimulus package.

The benchmark Top-40 index rose 0.22% to 50,852 points and the All-Share index closed 0.2% higher at 55,272 points.

Shares in Pick n Pay rose 2.17% to 52.66 rand after the supermarket chain declared a full-year dividend alongside an interim dividend.

Among the decliners, the gold sector fell 2.03%, with Harmony Gold 1.97% weaker at 92.10 rand and AngloGold Ashanti closing down 3.16% at 429.25 rand. (Reporting by Mfuneko Toyana and Tanisha Heiberg; Editing by Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANGLOGOLD ASHANTI LIMITED 2.50% 324.64 End-of-day quote.2.57%
EURO / SOUTH AFRICAN RAND (EUR/ZAR) -0.02% 18.25 Delayed Quote.15.43%
HARMONY GOLD MINING COMPANY LIMITED 1.78% 64.44 End-of-day quote.25.86%
PICK N PAY STORES LIMITED 0.50% 52.33 End-of-day quote.-18.09%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) -0.03% 15.2533 Delayed Quote.8.60%
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Financials
Sales 2021 93 445 M 6 124 M 6 124 M
Net income 2021 1 263 M 82,8 M 82,8 M
Net Debt 2021 16 934 M 1 110 M 1 110 M
P/E ratio 2021 19,8x
Yield 2021 4,74%
Capitalization 25 010 M 1 640 M 1 639 M
EV / Sales 2021 0,45x
EV / Sales 2022 0,42x
Nbr of Employees 90 000
Free-Float 69,6%
Chart PICK N PAY STORES LIMITED
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Technical analysis trends PICK N PAY STORES LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 62,03 ZAR
Last Close Price 52,25 ZAR
Spread / Highest target 28,2%
Spread / Average Target 18,7%
Spread / Lowest Target 11,0%
EPS Revisions
Managers
NameTitle
Richard W. P. Brasher Chief Executive Officer & Executive Director
Gareth Mark Ackerman Chairman
Lerena Olivier Chief Financial Officer & Executive Director
Richard S. J. van Rensburg Executive Director & Chief Information Officer
Penny Gerber Information Officer
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