Sasol (SOL) Price Forecast 2024: A Comprehensive Market and Technical Analysis
Sasol Limited, an established entity on the Johannesburg Stock Exchange, has made significant strides in integrating chemical and energy operations with a steadfast dedication to sustainable practices. The company, boasting a substantial market capitalization of 116.53B ZAR and offering an attractive dividend yield of 9.24%, is a key figure in the Process Industries sector.
Established in 1950, Sasol has its roots deeply embedded in Johannesburg, South Africa, and has grown under the leadership of CEO Fleetwood Grobler. The company is on the cusp of a new era with the anticipated leadership transition to Simon Baloyi in April 2024, marking a significant milestone in its corporate journey.
This transition comes at a time when Sasol continues to evolve and adapt to the dynamic demands of the energy and chemical industries, balancing profitability with environmental consciousness.
Sasol Limited Announces Reconvened AGM Date 2024
Sasol Limited recently updated its shareholders on the postponement of the originally scheduled Annual General Meeting (AGM) due to unforeseen disruptions by protestors. Initially planned for 17 November 2023 at Sasol Place, Sandton, South Africa, the AGM faced a setback and is now rescheduled to be held electronically on 19 January 2024 at 14:00.
The reconvened meeting will take place through Sasol’s electronic meeting platform, ensuring seamless participation of shareholders. This meeting aims to address the business outlined in the AGM notice.
Key details include the record date set for 8 December 2023, and the final date for proxy submissions ranging from 15 to 18 January 2024. The shareholders entitled to attend, speak, and vote at the meeting will be determined based on the record date of 12 January 2024.
Sasol will subsequently publish the meeting’s results on 22 January 2024. The AGM will cover matters pertaining to ordinary shares under the ISIN number ZAE000006896 and JSE code SOL, along with additional instruments under ISIN number ZAE000151817 and JSE code SOLBE1.
- Fundamental News and Updates: Sasol is undergoing a leadership transition, with Simon Baloyi set to take the helm in April 2024. This change could bring fresh perspectives to the company’s strategy and operations.
- Financial Summary: The financial year ending June 30, 2023, saw Sasol reporting sales of 289,696 million ZAR, with a net income of 8,799 million ZAR. The basic EPS was 14 ZAR, indicating a stable financial performance despite challenges.
For more detailed information, shareholders are advised to visit Sasol’s official website at www.sasol.com.
Current Technical Position
As of January 2024, Sasol’s shares have experienced a significant downturn, declining over 30% in the last three months. The current price stands at 18,528, positioned below the crucial 50 EMA of 27,250.
Sasol’s pivot point is at 18,160, aligning with the 61.8% Fibonacci retracement level. Resistance levels are set at 23,222, 28,412, and 34,251, while support is found at 14,569, 8,130, and 3,500. The Relative Strength Index (RSI) is at 37, indicating a bearish sentiment.
The monthly chart reveals a tweezer’s top candlestick pattern and “three black crows,” suggesting a selling bias. However, a recent doji candle above the 18,150 level and the completion of the 61.8% Fibonacci retracement hint at potential buying interest.
The overall trend for Sasol appears bullish above the 18,150 level.
Conclusion
As Sasol Limited embarks on a new chapter with the leadership transition to Simon Baloyi in April 2024, the company stands at a critical juncture, balancing its legacy in the Process Industries with forward-looking sustainability initiatives.
Despite recent challenges, including the postponement of its AGM to January 2024 due to protests, Sasol remains a steadfast presence on the Johannesburg Stock Exchange. With its significant market capitalization and a keen focus on sustainable development, Sasol is poised to navigate the evolving landscapes of the energy and chemical sectors.
The company’s recent financial performance demonstrates resilience, though its shares have seen a downturn in recent months. Looking ahead, Sasol faces key resistance and support levels, with technical indicators suggesting a cautious yet potentially opportunistic market stance.
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