Sirius Real Estate interim results

Sirius Real Estate release its results for the six months on Monday. The group, whose shares are traded in London and the Johannesburg, declared an interim dividend of 1.56 euro cents. This was 12.2% higher than the 1.39 euro cent dividend declared in the previous corresponding period. Meanwhile, the book value of the portfolio, including assets held for sale, stood at €857.4mn at the end of the period, up from €823.3mn as at the 31st of March 2017. Sirius Real Estate’s adjusted net asset value per share increased by 7.8% to 63.40 euro cents, compared to the 58.82 euro cents recorded six months ago.

In currencies, the rand defied all expectations to strengthen sharply, helped along by Moody’s decision to not downgrade South Africa’s local currency debt to junk status. The local currency received a boost from reports the presidency had asked Finance Minister Malusi Gigaba to identify measures to address the current challenges. After trading at a low of R14.106/$ at 07:30, the rand surged to a high of R13.694/$ at 16:00. The local currency weakened slightly overnight and was last at just below R13.78/$.

In Asia, markets are on the back foot, dragged down by sustained concerns surrounding Chinese bond yields and a poor overnight performance in the US. Mainland markets featured among the worst performers, with the Hang Seng dipping 0.64%, on track to end lower for the second consecutive day. The Shanghai Composite lost 0.49% as it moved to just above the 3,300 index point level at the break. The Japanese Nikkei shed 0.19% to 22,454.04 index points, extending yesterday’s 0.24% decline. The Australian ASX was mostly unchanged after only dropping 0.04%.

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