It looks good on paper but bricks and mortar tell a different story

Paper maker Mondi, which is also listed in London, posted a more than fourfold rise in full-year profit, lifted by stronger demand, and says it expects further growth this year, though at a slower rate.
Foreigners were net buyers of SA bonds in the week ended February 18, buying R618-million worth of paper, according to data released by the JSE. Foreigners sold R162-million worth of shares during the same week.

Shares of SacOil gained nearly 4% after the gas and oil explorer said it would issue more than 46million new shares, or a 7.4% stake, to the Public Investment Corporation, which runs the government pension fund.
Simmer & Jack shares jumped by more than 1%, outperforming the weaker JSE All Share index, after the junior gold mining company said third-quarter output rose 34%.
Shares in Metair Investments gained more than 5% after the company said it expects full-year headline earnings per share to rise 183-196 cents, versus 67 cents in the previous year.

Imperial, which runs car rental, car dealerships and logistic businesses, posted a 44% rise in first-half profit, helped by a recovery in consumer demand, but warned that a strike by truck drivers is likely to hit its second-half performance. (See page 6)
SA's largest listed property firm, Growthpoint, boosted its half-year payout to investors by 8% as occupancy levels picked up due to improved economic conditions.

Exxaro, which mines for coal, mineral sands and base metals, doubled its full-year profit on higher prices and sales.
Statistics SA said producer inflation, which represents domestic output, slowed to 5.5% year on year in January from 5.8% in December.

Truworths, SA's biggest listed clothing retailer, posted a 19% rise in first-half profit as lower interest rates boosted consumer spending.
Shoprite, Africa's biggest grocer which caters for the lower end of the retail food market, posted 13.6% rise in first-half profit as cash-strapped consumers flocked to its supermarkets.

The Bad

Wilson Bayly Holmes Ovcon posted a 19% drop in half-year profit, hurt by the slowdown in construction after the World Cup boom, and cautioned about the outlook for 2012.

SA's third-largest construction firm said diluted headline earnings per share totalled 676.3 cents in the six months to December compared to 836.7 cents in the same period last year.

Pre-tax profit at Mauritius-based luxury hotel group Sun Resorts sank 44.3% in 2010, hit by the eurozone crisis and heavy discounting in the island's tourist industry.
Indian Prime Minister Manmohan Singh gave in to demands for a parliamentary probe into a multibillion-dollar scandal over sales of telecoms licences for kickbacks.
The Hindu newspaper called the scandal, in which the state auditor said up to $39-billion was lost in revenues, "the biggest scam in the history of independent India".

The Sensex index of Indian stocks is down around 11% this year, and foreign direct investment is down 27% this year.

Murray & Roberts fell to a half-year loss and said it will sell some assets in the Middle East and Australia as it fights to ride out an industry-wide slump. SA's second-biggest building firm by market value reported a diluted headline loss per share of 124c in the six months to end-December, from a profit of 200c per share a year earlier.
Shares of Grindrod tumbled more than 3% after the shipping firm reported a 12% fall in full-year profit. Grindrod was hurt as the stronger rand ate into overseas earnings and increased competition put pressure on freight rates. (See page 7)
JSE-listed shares of British American Tobacco fell more than 4% as investors fretted over declining cigarette volumes despite the world's second-biggest cigarette maker having resumed a share buy-back and giving an upbeat 2011 outlook. BAT, which also trades in London, makes Kent, Dunhill, Lucky Strike and Pall Mall cigarettes. Underlying cigarette volumes are still in decline and likely to stay weak in 2011. BAT has suffered as smokers switch to cheaper - and sometimes illicit - cigarettes.
British retail sales growth slowed more than expected in February to its weakest since last June, but firms ramped up prices at their fastest in 20 years, adding to worries about inflation, a survey showed on Thursday.
Shares in Massmart fell nearly 2% after the retailer forecast a tough second half as consumers struggle with the slow recovery.