Futuregrowth’s Zain Wilson: Worst could be over for the Rand
In this Special Podcast, Futuregrowth fund strategist Zain Wilson takes a counter-intuitive view of the Rand’s prospects over the next few months
Rand
Rand slips as FX reserves dip
The rand slipped against the dollar on Tuesday as central bank data showed South Africa’s foreign reserves dipped in September.
Magnus Heystek: We’re headed for R12 to US Dollar – here’s why
Magnus Heystek believes the SA the economy is speeding headlong into a financial crisis, the result of a âPERFECT STORMâ that is gathering on the horizon.
Rand selloff looms: Pressure to reverse Carry Trade reaching boiling point
While the American economy was under pressure and its Quantitative Easing policy pumped money into the global economy faster than it could be spent, all was well with Emerging Market currencies like the Rand. Forex desk jockeys in London and New York borrowed greenbacks at low interest rates to reinvest them in Emerging Market countries … Read more
PPC CEO, Ketso Gordhan quits after clash with board, shares slump
By Tiisetso Motsoeneng JOHANNESBURG (Reuters) – The chief executive of South African cement maker PPC quit abruptly on Monday, with the company citing clashes between him and the board, sending its shares to their biggest daily fall in nearly six years. Ketso Gordhan, who was appointed at the start of last year, leaves the company … Read more
Rand seen stable in data-dry week
JOHANNESBURG (Reuters) – South Africa’s rand steadied against the dollar on Monday, with traders and analysts expecting it to drift in a narrow range in a week bereft of market moving data and interrupted by a public holiday on Wednesday. Market nerves were on an even keel after Reserve Bank Governor Gill Marcus announced last … Read more
Midday market report
The JSE all-share index is trading 0.57% lower following global market weakness as concerns mount that the Scottish may vote for independence and European Union governments meet to discuss tougher sanctions on Russia due to its participation in the Ukraine crisis. Todayâs losses are led by industrial counters, which see the index giving up 0.75%. … Read more
FirstRand posts expected 21% jump in FY earnings
JOHANNESBURG (Reuters) – FirstRand reported an expected 21 percent rise in full-year earnings on Tuesday but South Africa’s second biggest lender by value did not pay out a special dividend as investors had been hoping. FirstRand said diluted normalised earnings per share, which exclude certain one-time items, came in at 331 cents from a restated … Read more
Sasol earnings up 14% on weak rand, higher chemical prices
JOHANNESBURG (Reuters) – South African petrochemicals company Sasol reported a 14 percent increase in full-year earnings on Monday, boosted by higher chemical prices and a weaker rand currency, but the result fell short of analysts’ expectations. Diluted headline earnings per share rose to 59.64 cents from 52.53 cents the previous year, below a Reuters forecast … Read more
Sanlam to spend $52m to raise India insurance stake
JOHANNESBURG (Reuters) – Sanlam Ltd, South Africa’s largest insurer by market value, plans to spend up to 550 million rand ($52 million) to increase its stake in the insurance arm of India’s Shriram Group to 49 percent by the end of the year, its chief executive said on Thursday. The company, which has a 3.3 billion rand … Read more