SA Business

Yields mostly higher at S.Africa inflation-linked bond auction

11h49 South Africa sold a total of 2 billion rand ($131.85 million) of its 2025, 2033 and 2038 inflation-linked bonds, central bank data showed on Friday. Yields were mostly higher compared. . .  Full story

African Markets - Factors to watch on Nov. 27

07h00 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.. . .  Full story

South African rand weakens as economic concerns weigh, stocks stable

26/11 The South African rand weakened on Thursday as focus shifted to bleak economic prospects for Africa's most industrialised economy.. . .  Full story

Africa faces wait for mass COVID-19 vaccination - disease control group

26/11 Mass vaccination against COVID-19 is unlikely to start in Africa until midway through next year and keeping vaccines cold could be a big challenge, the continent's disease control group said on Thursday.. . .  Full story

S.Africa's FirstRand warns half-year profits could drop by up to 25%

26/11 South African lender FirstRand said on Thursday its half-year profits would likely be up to 25% lower, as the impact of the coronavirus crisis continues to hurt operations.. . .  Full story

S.Africa's Mr Price to buy local retailer despite profit slump

26/11 South Africa's Mr Price said on Thursday it would acquire retailer Power Fashion as it looks to expand market share in budget retail, in a deal likely to top $105 million.. . .  Full story

African Markets - Factors to watch on Nov. 26

26/11 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.. . .  Full story

African envoys head for Ethiopia as ultimatum expires for assault

25/11 African envoys went to Ethiopia to plead for peace on Wednesday, hours before an ultimatum was to expire for Tigrayan forces to surrender or face an assault on the northern region's capital that rights. . .  Full story

South African rand dips after CPI data, stocks stable

25/11 South Africa's rand dipped on Wednesday, erasing gains earlier in the session, after data showed consumer price inflation in October rose, but not by enough to dampen expectations of further monetary policy easing.. . .  Full story

South African retailer Lewis declares 10.8% dividend rise, shares climb

25/11 South Africa's Lewis Group Ltd on Wednesday reported a 9.9% increase in first-half headline earnings and announced a double-digit increase in its interim dividend, sending its shares up more than 11%.. . .  Full story

African Markets - Factors to watch on Nov. 25

25/11 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.. . .  Full story

South African rand gains as Biden's advance lifts risk appetite

24/11 South Africa's rand gained on Tuesday as appetite for riskier assets grew after U.S. President Donald Trump accepted the transition to a Joe Biden presidency.. . .  Full story

S.Africa to pay $33 mln to global vaccine scheme, finance ministry says

24/11 South Africa has taken a decision to make a 500 million rand ($33 million) payment to the COVID-19 vaccine distribution scheme co-led by the World Health Organization, the finance ministry said on Tuesday.. . .  Full story

Higher public debt threatens S.Africa's financial system, c.bank says

24/11 A massive increase in projected government debt poses a "major threat" to financial stability in South Africa, the central bank warned on Tuesday, while problem mortgages were also a risk.. . .  Full story

Yields mostly higher at weekly South African government bond auction

24/11 South Africa's government sold a total of 6.6 billion rand ($430.30 million) of its 2026 , 2030 and 2035 bonds on Tuesday. Yields were mostly higher compared with the. . .  Full story

African Markets - Factors to watch on Nov. 24

24/11 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.. . .  Full story

South African rand lifted by vaccine hopes; shrugs off downgrades

23/11 South Africa's rand gained on Monday, lifted by global optimism over coronavirus vaccines and shrugging off ratings downgrades that are likely to push up government borrowing costs.. . .  Full story

S.African retailer Pepkor upbeat on market share gain

23/11 South African retailer Pepkor Holdings is hopeful of a quick recovery in profitability, its CEO said on Monday, citing a rise in market share driven by price-conscious shoppers even as the coronovirus crisis sent annual. . .  Full story

S.African regulator seeks public comment on government's nuclear plan

23/11 South Africa's energy regulator on Monday invited the public to comment on a government plan to procure new nuclear capacity to come online after 2030.. . .  Full story

S.Africa's Naspers banks on ecommerce boom post pandemic for growth

23/11 South African media and internet company Naspers Ltd said on Monday it would look to ecommerce for growth after its food delivery and online sales soared during a nationwide lockdown to curb the coronavirus.. . .  Full story

Offshore investors net sellers of South African stocks, buy bonds

23/11 Offshore investors sold a net of 6.08 billion rand ($396.58 million) of South African stocks last week and bought 3.82 billion rand in bonds, data from the Johannesburg Stock Exchange showed on Monday. STOCKS. . .  Full story

African Markets - Factors to watch on Nov. 23

23/11 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.. . .  Full story

Search for last miner trapped at S.Africa's Gamsberg goes on, mining halted

21/11 Rescuers were searching for the last of 10 miners trapped at South Africa's Gamsberg zinc mine on Saturday and mining activity remains suspended, owner Vedanta Zinc International (VZI) said.. . .  Full story

'Painful' downgrades will raise South Africa's borrowing costs - minister

21/11 South Africa's finance ministry said on Saturday credit ratings downgrades by Moody's and Fitch would increase the country's borrowing costs and constrain its fiscal options.. . .  Full story

South Africa court declares 2015 oil sale from national reserves invalid

20/11 A South African High Court ruled on Friday that the 2015 sale of 10 million barrels of oil from the nation's strategic reserves was invalid, after the government challenged the legality of the transaction. . .  Full story

South African broadcaster SABC delays job cuts plan by a week

20/11 The South African Broadcasting Corporation (SABC) delayed a plan to lay off 600 employees by a week on Friday after threats of a radio and TV blackout by some of its presenters and journalists.. . .  Full story

South African insurer Santam to appeal coronavirus ruling

20/11 Santam said on Friday it would appeal against a court ruling that found South Africa's largest non-life insurer liable to pay a client's claim relating to a coronavirus lockdown.. . .  Full story

South Africa's rand slightly firmer before ratings reviews, stocks down

20/11 South Africa's rand firmed slightly on Friday, buoyed by global vaccine news, but investors were cautious ahead of credit rating reviews expected later in the day.. . .  Full story

Vedanta wins Zambian appeal in Konkola Copper Mines case

20/11 A Zambian court on Friday ordered a halt to liquidation proceedings for Konkola Copper Mines (KCM) to allow owners Vedanta and ZCCM-IH to proceed to arbitration, the provisional liquidator said in a statement.. . .  Full story

South Africa's Tiger to cut costs after 2020 earnings hit

20/11 Tiger Brands is targeting cost savings of 500 million rand ($32 million) in the year ahead, its chief executive said on Friday as South Africa's biggest food producer's headline earnings per share from continuing operations. . .  Full story

Sasol shareholders back JV with LyondellBasell for U.S. project

20/11 South Africa's Sasol said on Friday shareholders have approved a proposed agreement to form a joint venture with chemical company LyondellBasell Industries at its U.S Lake Charles Chemicals Project in a bid to pay down. . .  Full story

South Africa's 3-month T-bill average yield rises to 3.74%

20/11 South Africa sold 1.37 billion rand ($89 million) of three-month Treasury bills at an average yield of 3.74% from 3.61% last week, central bank data showed on Friday. The bid-to-cover. . .  Full story

South Africa's PIC says it is looking at new set of clients to invest

20/11 South Africa's Public Investment Corp (PIC) is looking to invest in a new set of clients beyond its current investments to ward off the impact of COVID-19 on its portfolio, the asset manager said. . .  Full story

Yields fall at S.Africa inflation-linked bond auction

20/11 South Africa sold a total of 2 billion rand ($130 million) of its 2029, 2033 and 2046 inflation-linked bonds, central bank data showed on Friday. Yields were lower compared with. . .  Full story

South Africa's Tiger Brands targeting cost savings of $32 mln

20/11 Tiger Brands, South Africa's biggest food producer, is targeting cost savings of 500 million rand ($32.5 million) in the 2021 financial year and has cut 400 jobs across the business, Chief Executive Noel Doyle said. . .  Full story

-As new debt crisis looms, Africa needs more than world is offering

20/11 African countries face another debt crisis and will need more long-term help than the latest G20 debt plan offers them to ward off trouble ahead and keep much-needed investments coming in, according to policymakers, analysts. . .  Full story

African Markets - Factors to watch on Nov 20

20/11 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.. . .  Full story

As new debt crisis looms, Africa needs more than world is offering

19/11 African countries face another debt crisis and will need more long-term help than the latest G20 debt plan offers them to ward off trouble ahead and keep much-needed investments coming in, according to policymakers, analysts. . .  Full story

South Africa's rand, stocks fall, traders eye Friday's ratings review

19/11 South Africa's rand weakened on Thursday as the central bank's decision to hold rates gave scant support and as traders awaited a sovereign rating review on Friday.. . .  Full story

S.African hospital operator Netcare sees 85% drop in full-year profit

19/11 South Africa's hospital network operator Netcare Ltd said on Thursday it expected its profit for the full year ended Sept. 30 to drop by between 80% and 85% because of the impact of the. . .  Full story

S.Africa cenbank leaves main rate unchanged in close decision

19/11 South Africa's central bank left its main lending rate unchanged at 3.50% on Thursday as the consumer inflation outlook remains moderate and uncertainty lingers over the trajectory of coronavirus infections, Governor Lesetja Kganyago said.. . .  Full story

South Africa's Tsogo Sun Gaming falls to HY loss

19/11 South Africa's Tsogo Sun Gaming swung to a 543 million rand ($35.1 million) headline loss in the six months ended Sept.30, as traffic at its casinos fell due to government restrictions to curb the. . .  Full story

Investec to pay dividend after exceeds first-half expectations

19/11 South Africa's Investec broke rank with other financial services firms on Thursday by saying it would pay a dividend after a better-than-expected first-half year.. . .  Full story

African Markets - Factors to watch on Nov.19

19/11 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.. . .  Full story

Need to treat all creditors equally led to Zambia default, c.bank says

18/11 Zambia could have paid a coupon on one of its sovereign dollar bonds last Friday, but chose not to do so due to the need to treat all creditors equally, the copper producer's central. . .  Full story

South African retailer Pick n Pay launches mobile phone service

18/11 South African grocery retailer Pick n Pay will start providing mobile phone services to try to grow its value-added and financial services business, seeking to drive down data costs for its customers.. . .  Full story

South Africa's Pepkor chair Jayendra Naidoo to step down

18/11 South African clothing and furniture retailer Pepkor Holdings Ltd said on Wednesday its Chairman Jayendra Naidoo has decided not to seek re-election when his term ends on Nov. 30.. . .  Full story

Zambia FinMin: Default raises risk of legal action by bondholders

18/11 Zambia finance minister Bwalya Ng'andu said on Wednesday that the country's default on $3 billion in Eurobonds had increased the risk of bondholders taking legal action.. . .  Full story

S.Africa's Gamsberg zinc mine shut during search for missing miners, Vedanta says

18/11 Gamsberg zinc mine in South Africa has been shuttered until further notice while a search continues for two workers still missing after an accident, the owner Vedanta Zinc International (VZI) said on Wednesday.. . .  Full story

South Africa's retail sales down 2.7% year on year in September

18/11 South African retail sales shrunk by 2.7% year on year in September following a revised 4.1% contraction in August, Statistics South Africa said on Wednesday.. . .  Full story

S.Africa's Santam weighs ruling it must pay virus insurance claim, shares drop

18/11 South Africa's Santam said on Wednesday it was considering a court ruling that found it should pay a coronavirus-related claim it had rejected, which sent it shares down over 4%.. . .  Full story

African Markets - Factors to watch on Nov.18

18/11 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday. - - - - - EVENTS: *ZAMBIA - The. . .  Full story

South African court rules insurer Santam should pay hotel group's virus-related claim

17/11 A South African court on Tuesday ruled that insurer Santam should pay coronavirus-related claims made by hotel group Ma-Afrika, which it had rejected, according to a written judgement.. . .  Full story

South Africa's rand slips as investors tread cautiously

17/11 South Africa's rand weakened on Tuesday, with investors opting to take profits on the currency's recent rally ahead of a lending rates decision later in the week.. . .  Full story

Yields fall in weekly South African government bond auction

17/11 South Africa's government sold a total of 6.6 billion rand ($429 million) of 2030 , 2032 and 2044 bonds on Tuesday. Yields were mostly lower compared with the previous auctions.. . .  Full story

Petra Diamonds reports annual net loss, revenue fall as pandemic bites

17/11 Petra Diamonds on Tuesday reported a 36% fall in revenue and a net loss of $223 million as the pandemic hit production, sales and prices.. . .  Full story

S.Africa's Old Mutual raises $130 mln in debt

17/11 South African insurer Old Mutual said on Tuesday it had raised 2 billion rand ($130.23 million) in a bond sale held last week which attracted new investors.. . .  Full story

African Markets - Factors to watch on Nov 17

17/11 The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.. . .  Full story

Zambia on track for protracted debt overhaul as creditors slam lack of engagement

16/11 The Zambian government's lack of engagement has made providing near-term debt relief impossible, a large Eurobond creditor group said, adding it may consider other options with the country looking on track for an acrimonious debt. . .  Full story

S.Africa's Naspers sees up to 7.5% drop in six months profit

16/11 South Africa's Naspers Ltd said on Monday that its core headline earnings per share for the six months ended Sept. 30 is expected to fall by between 7.5% and 1.3% compared with the same. . .  Full story

Prosus expects up to 22.7% earnings growth for 6 months to end-Sept

16/11 Prosus NV, the giant investor in online classifieds, food delivery, and payments, expects to report 16.9-22.7% growth in earnings per share for the six months to the end of September, it said on Monday.. . .  Full story

S.African rand, equities firm on vaccine, faster recovery hopes

16/11 South Africa's rand firmed on Monday on the back of optimism that a number of vaccine trials with success rates of more than 90% and Joe Biden's victory in the U.S. election will lead. . .  Full story

Endeavour to become West Africa's biggest gold miner with $2 billion Teranga deal

16/11 West Africa-focused Endeavour Mining has agreed to buy Teranga Gold in an all-share deal to create a top 10 gold producer which will list in London, the companies said on Monday, a week after they. . .  Full story