The historical earnings change between the most recently reported fiscal year’s earnings and the preceding or a forecast. Paragraph 3.4(b) of the JSE’s Listing Requirements states that if a company’s financial results are expected to be significantly different (more than 20%) either up or down from its previous financials or a forecast previously published by the company, then it must publish a trading statement on the Stock Exchange News Service (SENS). Since 2014, companies cannot simply put down the percentage difference – they must put an amount to it and supply the figure to which it is compared. Trading statements are usually published several weeks before the actuals and can have a material impact on the share’s price.

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