02 Jul 2019
Rand closes at R14.08/$
The local unit which opened at R14.13/$ closed stronger at R14.08/$ on Tuesday.
It weakened as low as R14.21/$ during the session.
02 Jul 2019
Board changes at Royal Bafokeng Platinum, RMB
Royal Bafokeng Platinum Limited on Tuesday issued a shareholder notice indicating non-executive director David Wilson, appointed on May 29, 2014 has resigned with effect from June 28, 2019.
Wilson also withdraws from the social and ethics committee. Royal Bafokeng Platinum did not say why Wilson resigned or what he will be doing next, but thanked him for his service and wished him well for his new endeavours.
Wilson also resigned from his position as alternate non-executive director at RMB Holdings board which was effect of July 1, 2019.
02 Jul 2019
Global stocks drift as investors mull trade
Cormac Mullen and Laura Curtis, Bloomberg, with Fin24
European stocks edged higher following a mixed session in Asia as enthusiasm over the latest US-China trade truce waned.
Treasuries rose and the dollar weakened. The Stoxx Europe 600 Index opened with a modest gain, while US equity futures drifted.
The JSE All-Share index was down -0.75% at 58 036.7 points at 13:30.
In Asia, shares climbed in Hong Kong and its dollar strengthened as the market reopened after a holiday to catch up with Monday’s move -- despite violent local protests overnight. Chinese stocks were steady. Gold rebounded after tumbling Monday. Yields fell on U.S. and European bonds. Bitcoin slumped for a second day, bringing its declines this week to about 20%.
02 Jul 2019
EOH sells 70% of construction software subsidiary to German firm
EOH announced on Tuesday that it had entered into a share purchase agreement to sell 70% of Construction Computer Software (CCS) to RIB Limited, a subsidiary of RIB Software SE, for R444.3m.
The CCS group is a provider of cost and enterprise software for the construction and engineering industries.
RIB, meanwhile, is a German-listed provider of software technology to the construction and real estate industries.
"This transaction is a significant milestone in EOH’s strategy to align with key partners which enable the scaling up of unique software businesses," EOH said in a statement.
"By retaining a 30% shareholding in CCS, EOH will be able to participate in the growth of CCS. In addition, the put and call option arrangement as further described in paragraph 6 provides an effective exit for EOH in December 2022. A total of 75% of the proceeds of the transaction, net of costs, will be applied to a reduction of debt and will assist EOH in creating a more appropriate capital structure."
02 Jul 2019
Global stocks drift as investors mull trade
Cormac Mullen and Laura Curtis, Bloomberg, and Fin24
European stocks edged higher following a mixed session in Asia as enthusiasm over the latest US-China trade truce waned.
In South Africa, the JSE was unchanged at 09:30 at 58 468.13 points.
The Stoxx Europe 600 Index opened with a modest gain, while US equity futures drifted. In Asia, shares climbed in Hong Kong and its dollar strengthened as the market reopened after a holiday to catch up with Monday’s move - despite violent local protests overnight.
Chinese stocks were steady. Gold rebounded after tumbling Monday. Yields fell on U.S. and European bonds. Bitcoin slumped for a second day, bringing its declines this week to about 20%.
02 Jul 2019
Gold treks higher
Gold rebounded from its biggest decline in more than two years on signs of fresh strains on the global economy.
Prices rose after factory activity across Asia and Europe shrank in June, while the US showed only meagre growth, according to purchasing managers’ indexes. This signalled a worsening outlook for growth, which may prompt stimulus from central banks.
02 Jul 2019
Investec set to appoint ex-MTN, Bank of America executives to its board
Investec plans to appoint former MTN executive, Philisiwe Sibiya, and ex-Bank of America investment banker, Henrietta Baldock, to its board, according to a person with direct knowledge of the matter.
The two are poised to replace former politician Cheryl Carolus and 83North partner Laurel Bowden, who won’t make themselves available for re-election at Investec’s annual general meeting next month, said the person, who asked not to be identified because the details aren’t yet public. The newcomers are scheduled to take their seats in August, the person said.