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May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - South Africa's blue-chips stocks edged lower on Monday, dragged down by miners and retailers.
The JSE top-40 index was 0.07% lower to 20 084.77 points, while the broader all-share index dropped 0.02% to 22 304.23 points.
"I think the rand is very strong , which is putting the commodities sector under pressure and that's a big negative on the market," said Abri du Plessis, Chief Investment Officer at Gryphon Asset Management.
Harmony Gold lost 4.02% to R83.50, Gold Fields fell 1.12% to R96.90 and Impala Platinum was down 2.90% to R167.50.
Shares in retail stocks dipped after the Competition Commission announced on Monday it was investigating major supermarkets over possible antitrust breaches.
Pick 'n Pay tumbled 2.83% and Spar was down 2.78% . The commission is investigating Pick 'n Pay, Massmart, Spar, Woolworths and Shoprite over concerns about possible anti-competitive behaviour.
Shares in MTN dropped 0.75% to R119, giving up earlier gains in the session, after the company said Finance Director Rob Nisbet has quit, raising concerns he may oppose a proposed tie-up with India's Bharti Airtel.
Banking stocks gained as investors hoped the worst was over for the sector.
Standard Bank rose 3.62% to R90.15 and South Africa's biggest mass-market lender Abil increased 2.92% to R27.16.
- Reuters