This episode of the BizNews Briefing, hosted by Alec Hogg, takes a closer look at the Golden Straightjacket that has forced those behind political ructions in Tshwane to toe the financial line – and the implications for Joburg’s still ‘in denial’ governors; Rory Steyn explains the board takeover by the Comrades Collective, ensuring SA’s great ultra marathon is back in safe hands; and David Bacher on how he’s playing it now that the US stock market is at its highest ever relative to the rest of the world.
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BizNews Reporter ___STEADY_PAYWALL___
BizNews Briefing Highlights
Market Update
- JSE Performance: Mixed results with the Top 40 index unchanged. Resources (+1.5%) outperformed, while financials (-1%) and industrials (+0.5%) showed divergent trends.
- Currency Movements: The Rand weakened, trading at R18.15 to the Dollar and R22.96 to the Pound.
- Notable Stocks:
- Gainers: AngloGold Ashanti (+4.5% YTD: +35%), Life Healthcare (+3%), Richemont (+3%).
- Decliners: Zeda (-8%), Nampak (-3.5% YTD: +100%), Standard Bank (-3%).
- New Highs: Tiger Brands and SPAR.
- Director Activities: Boxer Retail saw a director purchase shares worth R500,000.
- Crypto: Bitcoin climbed slightly to $95,935 (+0.25%).
Top Story: Chwane Developments
- Former Tshwane Mayor and current DA caucus leader, Cilliers Brink, continues efforts to stabilize Tshwane amidst political turbulence.
- Brink’s financial reforms during his tenure faced backlash, leading to strikes and political shifts.
- New mayor from ActionSA intends to challenge a key labor case, effectively reinstating Brink’s original financial policies.
- Commentary on broader coalition challenges in municipalities like Thabazimbi, which faces a re-election.
Comrades Marathon Overhaul
- The iconic race faces internal restructuring after allegations of malfeasance. Rory Steyn, a green-number runner and board member, shared insights into restoring integrity.
Global Market Trends
- November saw US investment prices hitting record highs relative to global markets. Analyst David Bacher from Corion Capital explored implications for 2025.
Elon Musk’s Ascendancy
Despite Tesla’s share dip (-1.5%), Musk’s net worth stands at $350 billion. SpaceX alone matches South Africa’s GDP, underscoring Musk’s economic impact.
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