Today’s big news from the world’s largest resources firm, Melbourne-headquartered BHP Billiton, had had a mixed reception. BHP is to create an independent business by spinning off its South African assets together with silver and nickel operations from Columbia and Australia. It looks very much like a de-merger of the deal struck between Australia’s BHP … Read more
JOHANNESBURG (Reuters) – South African stocks posted a second straight session of gains on Monday led by the world’s top platinum mining companies, which gained as palladium hit a 13-year high. Impala Platinum, the world’s second largest platinum producer, added 2.85 percent, making it the top blue-chip performer of the day, while bigger rival Anglo … Read more
JOHANNESBURG (Reuters) – Adcock Ingram flagged nine-month losses and gave a gloomy outlook on Monday, pushing shares in South Africa’s No.2 drugmaker to their lowest level in almost five years. The stock slumped nearly 7 percent before recouping some of the losses to close 5.27 percent lower at 48.68 rand, a level last seen in December … Read more
JOHANNESBURG (Reuters) – Shares of South Africa’s Capitec Bank sank more than 5 percent in early trade on Monday after a Moody’s ratings downgrade that cited concerns about the bank’s exposure to risky consumer lending. The ratings agency cut Capitec’s financial strength rating to “D” from “D+” late on Friday and downgraded the bank’s bank deposit rating by two … Read more
By Tiisetso Motsoeneng JOHANNESBURG (Reuters) – South Africa’s central bank has disputed credit rating agency Moody’s downgrade of Capitec Bank, saying it disagreed with the rationale behind the two-notch rating cut for the local lender. Moody’s cut the financial strength rating of the lender to D from D+ on Friday and deposit ratings to Ba2/NP from Baa3/P-, … Read more
JOHANNESBURG (Reuters) – The rand held steady against the dollar on Monday ahead of major economic data releases locally and abroad, with the market keeping a keen eye on South African and U.S. consumer inflation numbers later in the week. The local unit edged 0.01 percent firmer, to 10.5900 versus the greenback by 0642 GMT, … Read more
Last week Wednesday, on the 6th of August, African Bank released a quarterly update, which included a cautionary announcement expecting full year losses of $600m as well as the news that Leon Kirkinis Abil’s CEO for 23 years would be stepping down with immediate effect. A frenzy of action ensued as investors, speculators and affected … Read more
JOHANNESBURG (Reuters) –Â South Africa’s rand held steady against the dollar early on Friday, pausing in its recent march towards the key 10.5000 resistance level. At 0610 GMT, the unit was trading at 10.5420 to the dollar, slightly firmer from its close in New York on Thursday. The rand, which has notched up five days of … Read more
Pravin Gordhan stated in a written reply to a parliamentary question this week that the City of Johannesburg’s City Power was Eskom’s biggest debtor, owing the power producer R1.075 billion out of the R10.8 billion that municipalities across the country owe Eskom. This statement is a direct contradiction to the message that Parks Tau delivered … Read more
JOHANNESBURG (Reuters) – South African bullion producer Harmony Gold fell to a steep fourth-quarter loss because of a 1.4 billion rand ($132 million) write-down on an expansion project at its Phakisa operation. “The net loss for the June 2014 quarter was 1.22 billion rand, compared to a net profit of 31 million rand in the … Read more