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The JSE continued on its downward spiral after closing out September down more than 4% as a wave of global negative sentiment, notably out of China, hits local shares. The local bourse ended the trading session 0.97% lower on 63,661.02 points after JSE heavyweights with huge exposure to China felt the heat. Naspers and Prosus, which according to Bloomberg together account …

Market wrap: JSE slumps on China worries but rand jumps Read More »

With lockdown restrictions relaxed to Level 1, we’re heading into the weekend with Vooma to accelerate the country’s vaccination drive to help save lives, boost economic recovery and allow citizens to enjoy more freedoms. And the President is kicking off the Vooma Vaccination Weekends himself today.  President Cyril Ramaphosa has also been at work trying to convince the UK’s Boris Johnson to have us removed from Britain’s controversial travel red list. He’s …

While you were asleep: Musk musings add Vooma as we head into the weekend Read More »

The JSE ended the day 0.13% in the red at 64,281.77 points, recording the worst monthly drop since late October last year.  Commodities, which were responsible for most of the 4% monthly decline, were among today’s winners, with Thungela Resources gaining 6.74%, Anglogold 4.40%, Northam Platinum 4.21% and Implats 4.20% as the rout on commodity prices showed a glimpse of recovery. Palladium (+2.6% at last count) gained the most, with gold gaining 1.8% and platinum 1.31%.   Other heavyweight culprits weighing on …

Market wrap: JSE records worst monthly drop since October while rand shows resilience Read More »

(Bloomberg) — South African municipalities’ budget frameworks are at risk of being compromised by a three-year deal that granted their workers inflation-beating increases. Municipalities’ employee-related costs rose 5.2% in the year through June, Statistics South Africa said Thursday in a quarterly report of financial statistics from selected areas. The costs include basic pay, benefits such …

Wage Deal Imperils South African Municipalities’ Finances Read More »

Erin Bates writes the cover story in today’s Financial Mail, the publication takes a look at who the frontrunners are to replace outgoing Chief Justice Mogoeng Mogoeng who is set to officially leave his post on October 11. President Cyril Ramaphosa has been slow to find a suitable candidate to replace Mogoeng, opting to take the …

Opinions of the Day: Who will lead the ConCourt? Read More »

Denying the truth doesn’t change the fact that former health minister Zwele Mkhize lied to us about his role in the Digital Vibes scandal.  The Special Investigating Unit report into the R150m dodgy contract has now shown that the former health minister has directly influenced the decision to award the contract that wasn’t even part of the NDoH’s budget to his friends – his long-serving personal spokesperson Tahera Mather and his former personal assistant Naadhira Mitha.  …

While you were asleep: Digital Vibes: More heads must roll Read More »

The JSE gained 0.94% to end the day on 64,363.66 points as rand-hedges benefit from weakness in the local currency and a coal shortage in China boosted some heavyweight miners.  Luxury goods retailer and popular rand-hedge Richemont gained 1.83%, while global tech investor Naspers and subsidiary Prosus advanced 2.15% and 0.80% respectively to contribute to the stock market gains.   Anglo American, owner of Anglo American Thermal Coal, added 1.55%, Sasol 0.4% and BHP …

Market wrap: Rand-hedges lift JSE as local unit tests R15.20/$ Read More »

The bombshell news on Wednesday morning came from President Cyril Ramaphosa as he released the long-awaited Special Investigating Unit’s (SIU) report into the Digital Vibes probe. The SIU found that former minister of health Zweli Mkhize lied to South African citizens, failed in his oversight duties and was “clearly conflicted” because of the irregular appointment …

Opinions of the Day: Mkhize lied to us – Digital Vibes scandal heats up Read More »

It’s a ripple effect. Large-scale vaccinations will lead to relaxed lockdown regulations, a pick-up in tourism and manufacturing among other vulnerable sectors and a restart to economic recovery and growth.  The latest employment numbers show how desperately we need for the economy to return to “normal”. Easing restrictions to Level 2 in September has allowed for alcohol sales and in-restaurant dining, but we need to move to Level 1 and full-scale vaccinations could just be our only shield to protect our vulnerable …

While you were asleep: From vaccine ripples to market jitters and action on Digital Vibes Read More »

The JSE stumbled 0.64%, breaking a four-day winning streak as risks out of China persists and as signs of a gradual withdrawal of stimulus by primarily the US spooked markets.  Buffering the losses were Sasol, which surged 5.36% as the oil price spurted over $80 a barrel amid a surge in demand before paring gains to last trade at $77.97, and JSE heavyweight Naspers (+1.01%) after Alibaba Group added rival Tencent’s WeChat Pay …

Market Wrap: JSE stumbles on China woes, while rand tanks Read More »