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    ABG   ZAE000255915

ABSA GROUP LIMITED

(ABG)
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End-of-day quote. End-of-day quote Johannesburg Stock Exchange - 01/27
165.29 ZAR   +2.54%
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Absa PMI further declines to 53.6 from a revised 54.7 in September 2021

11/04/2021 | 10:45am EST

04 November 2021

The seasonally adjusted Absa Purchasing Managers' Index (PMI) lost further ground in October, declining to 53.6 from a downwardly revised 54.7 in September. As was the case in September, the business activity and new sales orders indices lost the most ground in October. At least two key developments in October help to explain the almost 4-point drop (to 46.1) in the business activity index. These are the three-week strike in the steel and engineering sector and the return of Eskom load-shedding for notable periods during the month. Seen in isolation, these adverse events had the potential to push the business activity index, orders and the overall PMI even lower.

However, there was also an important countervailing force in October. The move to Level 1 lockdown restrictions and the sharp decline in new domestic COVID-19 cases in recent weeks to below the trough of new infections reached before both the second and the third wave has facilitated increased mobility. This is likely to have supported consumer spending and may have shielded the manufacturing sector somewhat. This is likely to have been particularly relevant in manufacturing subsectors that were not directly or indirectly impacted by the Numsa strike in the steel sector. Even so, the almost 5-point decline in the new orders index to below the neutral 50-point mark suggests that the demand for manufactured goods suffered a meaningful knock in October. Respondents reported slightly improved export sales in October, emphasising that it was domestic constraints that weighed on the demand for manufactured goods.

With the demand for and the output of manufacturing goods under pressure in October, it is no surprise that the employment indicator remained stuck below the dividing line of 50. Moving to price pressures: After forestalling the acceleration in the producer price index (PPI) for final manufactured goods in September, the PMI purchasing prices indicator fell back slightly in October. With a large fuel price hike on the cards for November, the reprieve on input cost pressures is likely to be temporary.

Looking forward, respondents remained upbeat about an improvement in business conditions over the next six months.

Disclaimer

Absa Group Limited published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2021 15:44:06 UTC.


ę Publicnow 2021
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Financials
Sales 2021 84 860 M 5 497 M 5 497 M
Net income 2021 17 862 M 1 157 M 1 157 M
Net Debt 2021 - - -
P/E ratio 2021 7,95x
Yield 2021 4,60%
Capitalization 137 B 8 893 M 8 882 M
Capi. / Sales 2021 1,62x
Capi. / Sales 2022 1,51x
Nbr of Employees 36 737
Free-Float -
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Consensus
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Mean consensus BUY
Number of Analysts 9
Last Close Price 165,29 ZAR
Average target price 177,56 ZAR
Spread / Average Target 7,42%
EPS Revisions
Managers and Directors
Jason P. Quinn Group Chief Executive Officer & Director
Punki Modise Chief Financial Officer-Retail & Business Banking
Wendy Elizabeth Lucas-Bull Independent Non-Executive Chairman
Wilhelm Krige Chief Information & Technology Officer
Akash Singh Head-Operational Risk