JOHANNESBURGÂ (Reuters) – South African stocks stumbled on Wednesday after two straight days of gains, lead by banks such as FirstRand with the sector caught in the cross hairs of a technical sell-off. Johannesburg’s Banks index fell 2.60 percent, its steepest drop in six months, after its 14-day RSI, a momentum indicator tracked by analysts, strayed … Read more
From Agence France-Presse South Africa’s unemployment rate rose to its highest point in six years in the second quarter, with more than five million people out of work, official data showed on Tuesday. The unemployment rate in the three months to the end of June rose to 25.5 percent, from 25.2 percent in the first … Read more
It has been a busy news day with a number of noteworthy announcements coming out on the Stock Exchange News Service (SENS), the markets however were somewhat subdued in terms of trading volumes. Woolworths came out with a trading update, and the news that the David Jones deal had been given the okay by Australian … Read more
African Bank has seen significant spikes in its share price based on its announcement to shareholders that it was looking to sell its interest in struggling furniture company, Ellerines. Kokkie Kooyman of Sanlam Investment Management Global has recently made headlines with his statements about the bank, “African Bank has lost control of their own destiny… … Read more
Vunani’s Gary Booysen is always a source of great market related information. He was today’s market commentator on CNBC Africa Power Lunch – providing insight into how traders and investors might consider playing developments at Woolworths, Nampak, Ascendis, Wesizwe and PSG Konsult. – AH Â ALEC HOGG:Â We have Gary Booysen from Vunani Private Clients with … Read more
On the back of contracted GDP figures this week, as well as today’s PPI numbers coming out higher than expected, at 8.8%. It was fitting that Standard Bank also noted an increase in bad debts today. On trend with concerns over the South African consumer market, it seems that all of the pressure-point indicators that … Read more
The bloodbath in company reputations has largely continued this year, with the exception of retailer Woolworths, which emerged with an even stronger reputation in Reputation Institute’s National RepTrak® Pulse survey. Last year’s top company, Vodacom, fared particularly poorly in 2014, dropping a massive 9.35 points to sixth position in the table, one position below its … Read more
JOHANNESBURG (Reuters) – South African banks face an increase in bad loans due to rising interest rates and the prevalence of unsecured lending, ratings agency Moody’s said on Wednesday. The central bank hiked its repo rate by 50 basis points to 5.5 percent in January and analysts polled by Reuters forecast the benchmark rate to … Read more
JOHANNESBURG, May 13 (Reuters) – South Africa’s Nedbank reported an 8.7 percent jump in net interest income in the first quarter after a lending push grew total advances by nearly 15 percent. South Africa’s fourth-largest bank by market value said net interest income – the difference between interest received on loans and paid out on deposits – was … Read more
By Motlalepula Maduna Both Bidvest Wits and Maritzburg United are likely to highly fancy their chances of progressing to the Nedbank Cup final when they host Kaizer Chiefs and Orlando Pirates respectively on Saturday. While the prospect of a Soweto derby final looks more likely and enticing theoretically, if current form is anything to go … Read more