JOHANNESBURG (Reuters) – South African mining group Exxaro has taken a 5.8 billion rand ($543 million) write-down on its Mayoko iron ore project in the Republic of Congo after failing to reach port and rail agreements, the company said on Wednesday. Exxaro acquired the Mayoko project in 2012 as part of a takeover of Africa Iron as it sought to … Read more
JOHANNESBURG (Reuters) – The rand held steady against the dollar early on Friday with investors waiting to see if striking South African metal workers would accept a wage deal from employers that would end a 3-week work stoppage. The rand was also looking offshore for further impetus after breaching the 10.5000/dollar resistance level to hit … Read more
JOHANNESBURG (Reuters) – South African stocks edged lower on Monday in line with global peers as simmering political tensions in Ukraine weighed on appetite for risky assets. But shares of mining firm Anglo American Platinum rose 4.69 percent to 478.74 rand after the company said it would sell its strike-hit and underperforming mines in Rustenburg. Resource shares … Read more
JOHANNESBURG (Reuters) – South Africa has sold a $1 billion 30-year bond and a 500 million euro 12-year instrument on the international market, with both transactions being more than three times oversubscribed, the Treasury said on Friday. It said the dollar bond had a coupon rate of 5.375 percent, while the euro bond was priced at 3.75 … Read more
JOHANNESBURG (Reuters) – South African stocks hit record highs on Wednesday, with index heavyweights such as FirstRand gaining after investor confidence was bolstered by expectations the United States will continue with its massive stimulus programme. But the advances were limited by concerns equities are overpriced after a series of record finishes this year. Investors were also looking … Read more
JOHANNESBURG (Reuters) –Â South Africa’s rand weakened slightly against the dollar on Tuesday, with scope to extend losses as the country’s largest labour union enters the third week of a wage strike that has hit the operations of major auto makers. At 0646 GMT the rand was trading at 10.7050/dollar, down 0.28 percent from its previous … Read more
(Reuters) South Africa’s rand traded a touch softer against the dollar on Thursday, ahead of mining and manufacturing output data likely to illustrate the adverse impact of wage strikes on the economy. However, the currency’s losses might be tempered by broad-based dollar weakness after the latest Federal Reserve minutes gave no indication of when U.S. rates … Read more
JOHANNESBURG (Reuters) –Â South Africa’s main stock indices inched to record highs on Thursday, tracking an upbeat tone in major overseas markets, with mining shares adding the most points as metal prices advanced. Bourse and mining heavyweight Anglo American gained 2.66 percent to 279.65 rand and rival BHP Billiton was up 1.54 percent at 367.21 rand. … Read more
JOHANNESBURG (Reuters) – The South African rand inched weaker against the dollar on Thursday as an on-going work-stoppage in the engineering and metal sector continued to weigh on investor sentiment. The rand was down 0.21 percent to a two-week low 10.7825/dlr at 0705 GMT, extending its losses of around 0.75 percent from Wednesday. The strike, … Read more
JOHANNESBURG (Reuters) – South African stocks fell 1 percent on Wednesday, lead by Anglo American Platinum as investors remained cautious about recovery in the mining sector after the end of a five-month strike. Thousands of miners downed tools at Amplats, Impala Platinum and Lonmin in January demanding higher pay, and only returned to work on … Read more