SA Business

S.Africa's Capitec interim profit plunges 78%

09h15 South African lender Capitec reported a 78% slump in half-year profit on Wednesday, at the bottom of its forecast range, after the coronavirus crisis prompted a spike in bad debt charges.  Full story

South Africa to launch tender for mobile broadband spectrum

20h00 South Africa's telecoms regulator said on Wednesday it will invite mobile operators to apply to bid for spectrum for 4G and next generation 5G networks from Oct. 2, with auctions expected to take place. . .  Full story

South Africa's rand hits week best, stocks fall

17h54 South Africa's rand firmed more than one percent to its strongest level in over a week on Wednesday as the U.S. dollar was knocked back by an acrid presidential debate.. . .  Full story

South Africa's trade surplus widens to 2.3 bln in August

15h08 South Africa's trade balance recorded a surplus of 38.87 billion rand ($2.30 billion) in August from a revised 37.18 billion rand surplus in July, data from the revenue service showed on. . .  Full story

South Africa consumer price inflation dips to 3.1% y/y in August

10h09 South Africa's headline consumer price inflation slowed to 3.1% year-on-year in August from 3.2% in July, data from Statistics South Africa showed on Wednesday.. . .  Full story

South Africa credit growth slows to 3.87% year-on-year in August

09h14 Growth in private sector credit in South Africa in August slowed to 3.87% year-on-year from 5.12% in July, central bank data showed on Wednesday.. . .  Full story

South Africa's rand weaker as markets digest U.S. presidential debate

09h14 South Africa's rand weakened against the U.S. dollar in early trade on Wednesday, as traders assessed a fierce first debate between U.S. President Donald Trump and Democratic rival Joe Biden.. . .  Full story

African Markets - Factors to watch on Sept 30

06h50 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.. . .  Full story

South Africa's rand firmer despite bleak jobless data, stocks fall

29/09 South Africa's rand firmed on Tuesday, brushing off weak unemployment figures as caution toward safe-haven assets ahead of the keenly awaited presidential debate in the United States kept some risk currencies in favour.. . .  Full story

SAA administrators suspend all operations until funding found

29/09 Administrators in charge of South African Airways (SAA) said on Tuesday that they were suspending all operations and putting the struggling state-owned airline under "care and maintenance" until funding for a restructuring plan was found.. . .  Full story

South African Airways to go under care and maintenance until funding found

29/09 Struggling state-owned airline South African Airways will be put under "care and maintenance" until funding discussions are completed, the airline's administrators said on Tuesday.. . .  Full story

Five million more South Africans not economically active during lockdown

29/09 More than 5 million more South Africans were "not economically active" during the strictest period of the coronavirus lockdown between April and June, statistics showed on Tuesday as the prospects of. . .  Full story

S.Africa's COVID-hit carmakers ask govt to cut taxes on new cars

29/09 South Africa's car makers have asked the government to reduce taxes on new vehicle purchases as part of a proposed stimulus package for the coronavirus-hit sector, according to a presentation from. . .  Full story

Yields rise in weekly South African government bond auction

29/09 South Africa's government sold a total of 6.6 billion rand ($386.84 million) of its 2026 , 2030 and 2037 bonds on Tuesday. Yields rose compared with the previous auctions.. . .  Full story

ArcelorMittal South Africa to restart furnace on higher steel demand

29/09 Steel producer ArcelorMittal South Africa said on Tuesday it would restart the second blast furnace at its Vanderbijlpark operations in January due to higher steel demand.. . .  Full story

South Africa's foreign direct investment inflows drop in Q2

29/09 South Africa's foreign direct investment (FDI) inflows fell to 17.4 billion rand ($1.02 billion) in the second quarter from 29 billion rand in the first quarter, the central bank said on Tuesday.. . .  Full story

Critical Metals lists in London as mining IPOs multiply

29/09 Junior mining firm Critical Metals is set to list in London on Tuesday, the latest in a pipeline of mining initial public offerings (IPO) previously delayed by COVID-19.. . .  Full story

South Africa's rand steady, eyes on U.S. presidential debate

29/09 South Africa's rand held steady versus the dollar early on Tuesday as financial markets braced for the first U.S. presidential debate, and traders awaited local second-quarter unemployment statistics.. . .  Full story

Pandemic spurs Africa's mobile telcos to ramp up banking bid

29/09 When COVID-19 hit Ivory Coast, Bonaventure Kra, who works at an import-export business, began to worry. Handling hard cash all day was a risk. Queuing in crowded bank branches exposed him. . .  Full story

African Markets - Factors to watch on Sept 29

29/09 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.. . .  Full story

South Africa's rand firms on risk-taking, stocks jump

28/09 South Africa's rand firmed on Monday as positive economic data from China boosted risk-sentiment, and the country's shares posted their biggest gain in 50 days.. . .  Full story

South Africa's post coronavirus economic recovery faces risks -Moody's

28/09 South Africa's post coronavirus economic recovery will face a number of constraints, with risks of a larger than forecast contraction this year tilted to the upside, ratings firm Moody's said on. . .  Full story

South Africa's rand firmer as emerging market mood brightens

28/09 South Africa's rand strengthened early on Monday, helped by an improvement in sentiment toward emerging markets after China reported strong industrial growth data, easing some of last week's fears about a. . .  Full story

Offshore investors net sellers of South African stocks, bonds

28/09 Offshore investors sold a net of 3.24 billion rand ($189.09 million) of South African stocks last week and 6.18 billion rand in bonds, data from the Johannesburg Stock Exchange showed on Monday. STOCKS. . .  Full story

African Markets - Factors to watch on Sept 28

28/09 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.. . .  Full story

South African Airways' unit suspends services to parent over non-payment

27/09 South African Airways' maintenance subsidiary has withdrawn services to its parent after the struggling airline failed to pay money owed to the unit, an SAA spokesman said on Saturday.. . .  Full story

South African Airways' subsidiary suspends services to parent over non-payment

26/09 South African Airways' maintenance subsidiary has withdrawn its services to its parent after the struggling airline failed to pay money it owes, SAA spokesman Tlali Tlali told local news channel eNCA on Saturday.. . .  Full story

S.Africa's stock market, rand drop amid virus resurgence

25/09 Shares on the Johannesburg Stock Exchange (JSE) fell sharply on Friday, giving up gains made earlier in the week, amid concerns that rising coronavirus cases around the world could delay economic recovery.. . .  Full story

S.Africa's stock market falls 2%, rand weakens in afternoon trade

25/09 The Johannesburg Stock Exchange (JSE) index gave up the gains made earlier in the week as the stock market plunged on Friday amid concerns that rising coronavirus cases could delay economic. . .  Full story

South Africa to purchase 6,800 MW of solar, wind power, says energy minister

25/09 South African state utility Eskom will buy at least 6,800 megawatts of solar and wind power from independent power producers from 2022, energy minister Gwede Mantashe said on Friday in the. . .  Full story

South Africa's 3-month T-bill average yield inches up to 3.50%

25/09 South Africa sold 1.4 billion rand ($82.08 million) of three-month Treasury bills, at an average yield of 3.50% compared to 3.49% in the previous week, central bank data showed on Friday.. . .  Full story

Yields mostly higher at South Africa inflation-linked bond auction

25/09 South Africa sold a total of 2 billion rand ($117.77 million) of its 2029, 2038 and 2046 inflation-linked bonds, central bank data showed on Friday. Yields were mostly higher compared. . .  Full story

South Africa's rand slips as dollar rises, stocks up

23/09 South Africa's rand fell more than 1% on Wednesday as the dollar grinded higher, boosted by its renewed safe-haven appeal amid concerns about a second wave of coronavirus infections in Europe.. . .  Full story

South Africa set for wave of equity fundraising as banks shun risk

23/09 South Africa is set see a wave of equity fundraising as banks' capacity to lend is under strain from rising bad debts just as corporations are in need of funds to. . .  Full story

South Africa's rand retreats as 2nd wave fears dent risk demand

23/09 South Africa's rand fell early on Wednesday, giving back some of the gains from the previous session as demand for the U.S. dollar stepped up again, boosted by positive economic data. . .  Full story

Angola's Sonangol reports EBITDA of $4.8 billion in 2019 - statement

22/09 Angola's state oil company Sonangol reported EBITDA of just under $4.8 billion in the year to Dec. 31, it said in a statement on Tuesday, when it said it produced around. . .  Full story

South Africa's Edgars to be repositioned as mass market brand, says new owner

22/09 South African retailer Retailability Ltd plans to reposition Edgars as a mass market brand catering to fashion and beauty products and exit from its homeware division, its chief executive told Reuters. . .  Full story

Angola negotiates $6.2 bln debt relief from creditors - IMF

22/09 Angola will receive $6.2 billion in debt relief over the next three years thanks to agreements lined up with three of its major creditors, the International Monetary Fund (IMF) said in. . .  Full story

South Africa's rand falls again on second wave infection fears

22/09 South Africa's rand weakened again early on Tuesday following a sharp plunge in the previous session when fears of a second wave of global cornavirus infections triggered a worldwide selloff of. . .  Full story

Sibanye-Stillwater looking to buy gold mines outside South Africa -CEO

21/09 Sibanye-Stillwater CEO Neal Froneman said on Monday he wanted to increase the mining company's exposure to gold, but added that it was a difficult time to do deals.. . .  Full story

Offshore investors net sellers of South African stocks, buy bonds

21/09 Offshore investors sold a net of 2.97 billion rand ($180.71 million) of South African stocks last week, and bought 1.68 billion rand in bonds, data from the Johannesburg Stock Exchange showed on Monday.. . .  Full story

AngloGold Ashanti reinstates trimmed 2020 output guidance

21/09 AngloGold Ashanti reinstated but trimmed its annual production guidance on Monday citing improved operating certainty including the expected conclusion of its sale of its South African assets.. . .  Full story

South Africa's rand firms again after stalled rally

21/09 South Africa's rand firmed slightly early on Monday, poised to resume last week's stalled rally as demand for emerging market currencies returned.. . .  Full story

Former execs of South Africa's Comair to buy out firm in restructuring

19/09 Former board members and executives of South Africa's Comair Ltd will buy out the airline in a restructuring process, the company said on Friday, clearing the way for the private carrier. . .  Full story

S.Africa shares succumb to profit-taking, rand edges off 6-mth best

18/09 South Africa's stock market corrected sharply during the week after a strong open on Monday as poor retail sales data and a host of bleak company outlooks added to the effects of weaker commodity. . .  Full story

South Africa commits $650 mln to airline SAA, administrator says

18/09 South Africa has pledged 10.5 billion rand ($650 million) to South African Airways (SAA), one of the administrators of the ailing state-owned airline said on Friday.. . .  Full story

Yields rise at South Africa inflation-linked bond auction

18/09 South Africa sold a total of 1.915 billion rand ($56.74 million) of its 2025, 2038 and 2050 inflation-linked bonds, central bank data showed on Friday. Yields rose compared with the previous. . .  Full story

Investec profit warning increases heat from investors

18/09 Investec warned on Friday that its profit could fall up to 63%, largely due to the coronavirus crisis, knocking its shares as some investors questioned the South African firm's structure.. . .  Full story

South Africa's rand steadies after hitting 6-month high

18/09 South Africa's rand was steady in early trading on Friday, after racing to its best in six months overnight after the central bank kept lending rates unchanged and as the dollar. . .  Full story

S.Africa's Investec flags up to 71% drop in interim profit

18/09 South Africa's Investec warned on Friday its half-year profits could fall by up to 71% citing the impact of the coronavirus crisis and some tax effects.. . .  Full story

SAA creditor meeting called after govt misses funding deadline

17/09 Administrators at struggling South African Airways (SAA) have called creditors to a meeting on Friday after the government missed a deadline to make funding available for a restructuring plan.. . .  Full story

South African rand firmer after central bank holds rates

17/09 South Africa's rand extended its recent rally to a new six-month peak on Thursday after the central bank kept lending rates unchanged.. . .  Full story

South Africa's Woolworths reviews strategy in bid to revive profit

17/09 Woolworths Holdings is reviewing its South African clothing business and the food division of Australian unit David Jones to respond to fashion trends and stem losses amid a slump in earnings,. . .  Full story

S.African central bank leaves repo rates unchanged in close decision

17/09 South Africa's central bank left interest rates unchanged for the first time this year in a split decision on Thursday, saying risks to economic growth and consumer inflation were balanced.. . .  Full story

South African government says still trying to source SAA funding

17/09 The South African government is continuing with efforts to locate funding sources for struggling South African Airways and is assessing proposals from several potential strategic equity partners, the Department of Public. . .  Full story