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Grindrod has confirmed the planned separate listing of its shipping division on the Nasdaq, and a secondary listing on the JSE, for June. Subject to approval by Grindrod shareholders at a meeting to be held on June 4, Grindrod Shipping will list in the Industrial-Transportation Services sector of the JSE on June 19. The business will list on the Nasdaq on June 18. Grindrod Shipping in March agreed to buy Grindrod’s interest in Grindrod Shipping South Africa and Grindrod Shipping Ltd in exchange for compulsorily convertible notes valued at about $320.68-million.
Asian markets advanced in late morning trade on Tuesday as investors digested comments from Chinese President Xi Jinping on measures planned to further open up the Chinese economy. Those measures, which Xi brought up in his speech at the Boao Forum for Asia, included lowering import tariffs for autos and other products, as well as enforcing legal intellectual property of foreign firms. Stocks in the region climbed and the dollar strengthened against the yen on the back of those remarks. U.S. stock futures also edged up amid improved investor confidence.
For years IMP always demanded and traded at a premium to AMS. But that premium inverted in December 2017 and has yet to revert back to its long term mean. IMP has been on its longest losing streak since late last year, dropping 17 out of the last 19 trading days. Granted, the platinum price has been struggling all year, but the subsequent sell off in IMP relative to the rest of the PGM’s seems too overdone.