Cashbuild’s share price fell the most in almost a year after the company issued final results showing revenue slumped in the year to end-June, after the boon from the Covid-19 home improvement period.
The company benefited greatly from the pandemic as housebound consumers focused on upgrades to their properties after almost all forms of entertainment were halted due to lockdown restrictions.
By the JSE’s close on Wednesday, Cashbuild’s share price had fallen the most since September 2021, down 8.01% to R226.99.
Aspen, which also released final results on the day, saw its share price rise the most in more than five months after the drugmaker reported earnings growth while also upping its dividend.
Despite some outstanding performances from individual companies, the JSE all share ended the day 0.95% lower at 67,257 points, with the biggest drag coming from banks and financials, which fell 2.84% and 2.63%, respectively.
Other areas of weakness were seen in the resources sector, with the index falling 0.9% as global markets faltered after Russia cut off gas supplies in one of its pipelines to Europe for three days for repairs.
Reuters reported earlier that if the pipeline is not reconnected, as many fear, the continent may be in for energy rationing in the upcoming winter months.
London’s FTSE 100 fell 1.05%, the Paris CAC 40 1.37% and Germany’s DAX 30 0.97%.
The rand was also weaker on the day as metal prices fell after China reported an increase in Covid-19 cases. China is the world’s biggest consumer of metals mined in SA so any reports of a slowdown in its economy generally have a deleterious effect on the local currency.
At 6.35pm, the rand had fallen 0.6% to R17.0631/$, 1% to R17.1763/€ and 0.33% to R19.8653/£. The euro gained 0.42% to $1.0056.
Among commodities, oil was down 2.85% to $97.09 a barrel and gold had fallen 0.33% to $1,717.64/oz and palladium 0.65% to $2,075.50/oz.
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