Sasol Soars On Pipeline Payday: Court Awards $344M in Tariff Dispute
Portfolio Pulse from Lekha Gupta
Sasol Limited (NYSE:SSL) shares surged after a High Court ruling awarded the company $344 million in a tariff dispute with Transnet. The court awarded Sasol Oil $215 million in damages and $129 million in interest. TotalEnergies SE (NYSE:TTE) was also involved in the lawsuit. Transnet plans to appeal the decision.
June 20, 2024 | 1:22 pm
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POSITIVE IMPACT
Sasol Limited (SSL) shares increased by 3.45% premarket after a High Court ruling awarded the company $344 million in a tariff dispute with Transnet. The ruling is expected to positively impact SSL's financials in the short term.
The court ruling awarding $344 million to Sasol Limited is a significant financial gain, leading to a positive market reaction with a 3.45% increase in premarket trading. This is likely to boost investor confidence and positively impact SSL's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
TotalEnergies SE (TTE) was also involved in the lawsuit against Transnet. While the primary financial award went to Sasol, the involvement in the case may have a neutral to slightly positive impact on TTE's stock.
TotalEnergies' involvement in the lawsuit may have a neutral to slightly positive impact on its stock. The primary financial benefit went to Sasol, but the resolution of the dispute could still be seen as a positive development for TTE.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50