Capitec shares sink after ratings cut

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

African Bank in talks to dispose Ellerines unit

JOHANNESBURG (Reuters) – South Africa’s African Bank Investments said on Monday it was in talks to sell its loss-making Ellerines unit, a furniture selling business the unsecured lender has been trying to shed. Its shares soared more than 15 percent to 7.75 rand on the rare piece of good news for the company, which has seen its bad … Read more

SA Rand and bonds fall following Fitch review

JOHANNESBURG (Reuters) – South Africa’s rand weakened against the dollar early on Friday after Fitch ratings agency changed the outlook for Africa’s most advanced economy to negative from stable. Fitch said it was concerned mainly about poor prospects for economic growth and rising public debt. The agency kept its rating at BBB. The rand fell to a … Read more

Fitch changes outlook on SA from stable to negative

JOHANNESBURG (Reuters) – Fitch ratings agency affirmed South Africa’s BBB credit rating on Friday but changed its outlook to negative from stable, citing poor prospects for economic growth and rising public debt. The rand fell to session low of 10.7230 against the dollar, down 0.5 percent on the day, after the review. “Following its election … Read more

Rand firmer against the Dollar, rating reviews pose risk

JOHANNESBURG (Reuters) – South Africa’s rand was on a slightly firmer footing against the dollar on Monday after a turbulent run last week, although fears of two possible credit rating downgrades on Friday will cap any significant gains. By 0651 the rand was changing hands at 10.5730 per dollar, a touch stronger than Friday’s close at … Read more

SA finance minister urges workers to call off strikes

From Reuters * Union AMCU to strike at three biggest platinum producers * Renewed labour strife will add pressure on rand * Ratings agency say strikes create uncertainty By David Dolan JOHANNESBURG, Jan 20 (Reuters) – South Africa‘s ailing economy cannot afford more mine labour unrest, Finance Minister Pravin Gordhan said on Monday, after the platinum industry’s main trade … Read more