Company Data
| Last traded |
R1.85 |
| Change |
R0.10 |
| % Change |
5.71% |
| Cumulative volume |
906 |
| Market cap |
R468.18m |
| Last traded |
R118.40 |
| Change |
R-1.60 |
| % Change |
-1.33% |
| Cumulative volume |
1.39m |
| Market cap |
R51.74bn |
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Johannesburg - Shares at pharmaceutical giant Aspen Pharmacare [JSE:APN] jumped 4.2% on Friday after the group announced it would report significantly higher share earnings in the six months to end-December 2009, largely due its South African operations.
Around 13:30 on the day, the counter was trading at 6 980 cents per share.
In a trading update, Aspen advised shareholders its earnings per share as well as headline earnings per share were expected to have grown by between 20% and 30% during the first-half period, compared with the same corresponding period in 2008.
Mark Ansley, portfolio manager at Cadiz Asset Management [JSE:CDZ], said Aspen's local operations were probably aided by the group's recent deal with Britain's GlaxoSmithKline (GSK) to distribute some of GSK's products in South Africa.
"They recently cemented their relationship with GSK. They are probably benefiting from that," said Ansley, adding that lower input costs - due to the strengths of the rand - could be another reason as Aspen imports most of the chemicals it uses to produce drugs.
However, Mark Wadley of Credit Suisse Standard Securities said while rand strength probably had positive effects in lowering input costs, it could also have a negative impact on the group's earnings from its offshore operations.
Aspen's offshore businesses include strategic investments in countries such as Australia, India, Brazil, Venezuela and Mexico.
- Fin24.com