By Jackie Cameron
- As the number of Covid-19 deaths heads towards 7,000, graphs produced by the Johns Hopkins Coronavirus Resource Centre suggest South Africa is turning a corner. The health ministry reports that Covid-19 cases have soared past the 434,000 mark and the number of deaths is heading towards 7,000 (6,655 as of 25 July). The Western Cape remains the province with the highest number of Covid-19 related deaths, at 2,845, followed by Gauteng 1,535 and the Eastern Cape where 1,450 Covid-19 related deaths have been reported. Minister Ebrahim Patel is the latest cabinet minister to test positive for Covid-19. He is recovering at home. Last week South Africa’s mineral resources and energy minister Gwede Mantashe and employment and labour minister Thembelani “Thulas” Nxesi were admitted to hospital for Covid-19. South Africa is among the 10-worst affected countries, according to the Johns Hopkins Coronavirus Resource Centre. Of those 10, South Africa and Russia show signs that the spread might be easing.
- Gold still has room to run, says Mark Mobius, one of the world’s most respected investors in emerging markets. “The global pandemic is providing a sustained boost to gold,” Francisco Blanch, BofA’s head of commodities and derivatives research, said at the weekend. He cites impacts including falling real rates, growing inequality and declining productivity as among the factors playing into rising gold prices. “Moreover, as China’s GDP quickly converges to US levels helped by the widening gap in Covid-19 cases, a tectonic geopolitical shift could unfold, further supporting the case for our $3,000 target over the next 18 months,” he told Bloomberg. Mark Mobius, a leading analyst on emerging markets, says he thinks it is a good time to buy gold, a safe-haven investment that is benefiting from supply shortages linked to Covid-19 shutdowns. He says he assumes that mine output should be declining for gold, which puts additional upward pressure on the price. Silver follows gold, so that is a good bet, too, he also said in an interview with Bloomberg.
- The Financial Services Conduct Authority has got insurers to agree to make ‘relief’ payments to hospitality and leisure businesses in crisis as a result of the Covid-19 shutdown. Santam announced at the weekend that it is setting aside R1bn for some of its clients, but it appears as though it intends to continue fighting these same people in court. Santam says it will pay 70% of two months’ value of the sum, with a minimum of R25,000 and maximum of R1.5m.
- MTN is expecting to announce rosy profits. As a result, its share price gained more than 10% at the close of the trading week. In a Stock Exchange News Service announcement, the South African telecommunications giant said it expects to report an increase in earnings per share of at least 345 cents or 140%, representing EPS of greater than 592 cents for the six months ended 30 June 2020, compared with EPS of 247 cents for the corresponding six-month period ended 30 June 2019. Headline earnings per share (“HEPS”) is expected to be at least 195 cents or 100% higher, representing HEPS of greater than 390 cents for the six months ended 30 June 2020, compared with HEPS of 195 cents for the corresponding six-month period ended 30 June 2019, it says.
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