Midday market report

Local trade was subdued with the index trading flat prior to GDP numbers at 11:30, which came in below estimates at 1% year-on-year and 0.6% quarter-on-quarter. Indicative of the pressure felt by the industrial action that took place in the mining and metal sector, in which they showed negative growth. In Company news, Aveng released … Read more

Brent inches up towards $103, but supply glut caps gains

By Florence Tan SINGAPORE (Reuters) – Brent crude edged up towards $103 a barrel on Tuesday, rising for a second session, although persistent supply pressure and weak economic data in major consumer countries curbed gains. The benchmark is set for a second monthly decline in August as slow growth in China and Europe has curbed oil demand and led to … Read more

Asian shares firm, euro wilts as ECB seen on cusp of QE

By Hideyuki Sano TOKYO (Reuters) – Asian shares held firm while the euro hit one-year lows on Tuesday as investors increasingly expect the European Central Bank to expand liquidity as soon as next week to boost the sagging euro zone economy. Markets were still coming to terms with comments from ECB chief Mario Draghi late last week that the … Read more

SA dodges recession as Q2 GDP grows

PRETORIA (Reuters) – South Africa’s economy avoided slipping into a recession in the second quarter, as solid growth in the agriculture and financial industries outweighed a hammering in the strike-hit mining sector, data showed on Tuesday. Africa’s most developed economy is struggling to right itself after waves of labour unrest this year hit corporate confidence, while … Read more

Agriculture, finance sectors help economy recover

PRETORIA (Reuters) – South Africa’s agriculture and financial sectors grew 4.9 percent and 1.5 percent respectively in the second quarter, helping Africa’s most advanced economy avoid slipping into recession, data showed on Tuesday. The mining sector, which has been hammered by strikes this year, contracted 9.4 percent quarter-on-quarter in the second three months of the year, while … Read more

SA economy grows 0.6% in Q2, dodging recession

PRETORIA (Reuters) – South Africa’s economy grew 0.6 percent in the second quarter, avoiding slipping into recession after contracting 0.6 percent in the first three months of this year, Statistics South Africa said on Tuesday. Africa’s most advanced economy grew 1 percent on an unadjusted year-on-year basis in the second quarter, compared with growth of 1.6 percent in … Read more

Daniel Ricciardo, the world through rose tinted spectacles

Young Danny seems to think he is in with a chance of stealing the World Championship from under noses of Mercedes’ two contenders. And some might think he has a point, as the inter-team battle will only get hotter after their clash in Spa this last weekend. However I’m not sure Red Bull has the package … Read more

Matfield back with Boks for trip Down Under

CAPE TOWN (Reuters) – Experienced lock Victor Matfield has overcome injury and been included in South Africa’s squad to tour Australia and New Zealand in the Rugby Championship next month, but question marks remain over the fitness of loose-forward Willem Alberts. Matfield and Alberts were part of the initial 30-man squad for the tournament, but … Read more

Reserve Bank indicator up 0.5% in June

JOHANNESBURG (Reuters) – The central bank’s monthly leading business cycle indicator rose 0.5 percent in June, largely driven by the manufacturing sector, a South African Reserve Bank report showed on Tuesday. The SARB indicator collates data such as vehicle sales, job advertisements, business confidence and money supply to gauge the economic outlook.

Tim Noakes attracts another backhanded compliment

By Alec Hogg I enjoyed meeting Derek Yach yesterday. A South African who has risen to pre-eminence in the global medical field, he now runs Discovery’s ambitious Vitality Institute in New York. Our CNBC Africa interview was fascinating, including disclosures of how he helped his former employer, PepsiCo, remove mountains of sugar from its products. Confirmation the … Read more