The All Share Index opened higher by 50.30 points or 0.09% on Thursday as the Asian markets ended their session in positive territory. Our local bourse traded flat for most of the day, and eventually we closed 0.37% in the red. Industrials closed lower by 0.91% mostly due to a 1.58% decline in Naspers. Financials were the best performing sector and the index closed higher by 1.31%, led by Absa and Standard Bank which closed higher by 3.65% and 1.81% respectively. The gold miners closed lower by 3.58% whilst listed property shed 0.68%. On the company reporting front, Woolworths released their interim results for the 26 weeks ended 23 December 2018 and the salient features were a 1.9% increase in turnover and concession sales to R39.40bn, a decline in ROE from 20.1% to 16.6% and a 2.9% decline in HEPS to 200.4c with adjusted diluted HEPS lower by 9.2%. An interim gross dividend of 92c was declared and the stock closed lower by 2.91%. Discovery released their results for the half-year ended 31 December 2018 and the company reports a 16% increase in core new business API to R9.049bn, an 11% rise in gross inflows under management to R67.541bn and a 13% increase in embedded value to R68.025bn, with 21% of group earnings invested in new initiatives. The directors declared an interim gross dividend of 506.71233c and the stock closed firmer by 0.55%. Anglo American released their results for the full year ended 31 December 2018 and the financial highlights were that underlying EBITDA increased 4% to $9.2bn, attributable free cash flow has reached $3.2bn, profit attributable to equity shareholders increased 12% to $3.5bn, net debt has been reduced 37% since 2017 and now equates to $2.8bn. The board has proposed a final dividend of $0.51 per share, which equals 40% of second half underlying earnings, and the stock bucked the sector weakness by closing 0.53% higher. On the economic front, the Nikkei Japan Manufacturing PMI declined to 48.5 in February 2019, compared to January’s final 50.3 and market expectations of 50.4 and the latest reading pointed to the first monthly contraction in manufacturing since June 2016. Germany’s annual inflation rate was confirmed at 1.4% in January 2019, the lowest since April last year and below December’s revised figure of 1.6%, mainly due to a slowdown in energy inflation. The IHS Markit Eurozone Manufacturing PMI dropped to 49.2 in February 2019 from January’s 50.5 and below market consensus of 50.3. The number of Americans filing for unemployment benefits fell by 23 000 to 216 000 in the week ending 16 February 2019 from the previous week’s unrevised level of 239 000 and compared to market expectations of 229 000. Total value traded for the day was recorded at R22.606bn