Anthea Gardner – The Money Shot 15.02.16

Despite the stronger Rand, resources bounce >5% on Friday with Arcelor Mittal (ACL) spiking 24%. ACL released full year results on Friday, saying that steel sales were down 11% for the year and they printed a headline loss of R5.3bn. Pioneer foods released a trading update saying that gap T/O grew 8% but the read-through to inflation remains scary with maize prices up 80-90% in the year from Aug 2015.