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May 25 2012 13:58
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May 25 2012 19:13
Uncertainty over the future of the euro zone returned to push the rand down against the dollar.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Johannesburg - South African industrial group Imperial has been rated "overweight" by JP Morgan which said the company is best positioned to benefit through its auto business from an expected rebound in consumer spending.
Imperial, one the biggest auto dealers in South Africa, has suffered as successive interest rate increases kept consumers away from vehicle showrooms.
"We believe (Imperial) is better positioned ... to gain from the anticipated increase in consumer spending within the next six to 12 months," , JP Morgan analyst Annalisa Amiradakis said in a research note starting cover of the stock.
Barloworld, which competes with Imperial in the auto retail sector, was rated "neutral" because its equipment division would take longer to recover, offsetting consumer-led profits in its auto retailing unit.
"We believe automotive sales have reached bottom whilst equipment sales have yet to trough," said Amiradakis, referring to Barloworld's sales.
Smaller rival Super Group, which is negotiating a plan with lenders and shareholders to recapitalise the business and restructure its debt, was rated "underweight".
- Reuters