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28 Feb 2019
The rand closed at R14.00 to the greenback on Thursday afternoon.
The day's range was R13.91 to R14.05.
28 Feb 2019
US Q4 GDP came out better than expected at 2.6% vs 2.2%.
TreasuryONE said in a note that this hasn't affected the market much, with EURUSD still hovering around 1.14 and USDZAR around R13.96.
28 Feb 2019
28 Feb 2019
Steinhoff expects PwC forensic report by mid-March
Steinhoff International announced on Thursday that a forensic probe in to the company's financial statements by PricewaterhouseCoopers Advisory Services was "substantially complete" and would be presented to the group's supervisory board by mid-March.
This is slightly later than the initial date of the end of February 2019, which the Stellenbosch-headquartered retailer announced in late 2018.T
he group published its unaudited quarterly update on Thursday for the three months ended December 31.It showed that revenue from continuing operations in Europe, Africa, the US and Australia had grown by 3% to €4.69bn over the three months. In the last three months of 2017, revenue was €4.56bn.
28 Feb 2019
Shares in Impala Platinum Holdings rose by 6.75% on Thursday morning, after it announced a headline profit of R2.23bn for the six months ended December 31 2018, compared to losses of some R150m in the previous comparable period.
Shares were changing hands at R58.71 at 12:13, up 6.75%
28 Feb 2019
Cell C has announced the appointment of Douglas Craigie Stevenson as interim Group CEO of the company, effective March 1.
Stevenson replaces Jose Dos Santos who announced his resignation in February.
In a statement, Cell C said Stevenson presently holds the position of Chief Operating Officer responsible for all operational aspects of Cell C and was a seasoned executive with more than 20 years' experience in the telecommunications industry.
“As a board, we believe he is capable of achieving the company’s objectives, strategic imperatives and long-term vision,” said Kuben Pillay, Chairman of the Cell C Board.
28 Feb 2019
MultiChoice makes JSE Top-40, shares dip slightly in early trade
Shares in newly-listed entertainment company MultiChoice dipped slightly in early trade on Thursday.
The group, which was unbundled from Naspers in late 2018, listed on the JSE on Wednesday at R95.5 per share.
On Thursday at 10:17 they were changing hands at R104.39, down 1.46% on the day. This gives it a market capitaliaation of roughly R45.8bn and puts it in the JSE Top-40.
28 Feb 2019
Andre Botha, Senior Dealer at TreasuryONE said in a morning note to clients that while the rand traded in a very tight range for most of the day yesterday, the rand did break higher toward the R14.00 level at the end of the trading day yesterday."
By 10:07, the rand was trading at R13.94 to the greenback.
"News broke that while the US-China trade talks were going well, the nuances in the deal are far greater than first thought and this process can be delayed for quite an amount of time. This is the first seeds of doubt that have been sown in the past couple of weeks regarding the US-China trade deal and judging by the reaction of the rand, the trade talks are still a definite factor and with some uncertainty creeping in we could see some rand volatility.
"Today we have a couple of newsworthy data releases with the South African trade balance and the US 4th Quarter GDP number. The trade number has lost some of its importance in the past couple of years but a bad number could see the rand under pressure.
"If the US GDP number disappoints, we could see the rand gaining some ground as this will put further pressure on the Fed to halt their interest rate hiking cycle.”
28 Feb 2019
AMCU delays wider mining strike until judgment
The Association of Mineworkers and Construction Union has said it will delay a wider strike across the industry until a court decides whether the action can be blocked.
AMCU issued a notice to at least 15 companies last week about the action that was scheduled to start with the night shift on Thursday.
Producers including Anglo American Platinum asked a court to block the planned week-long sympathy strike, which the companies say would further hurt the struggling industry.
The strike “cannot start until there is a judgment,” said AMCU spokesman Manzini Zungu.
A South African labour court reserved judgment late on Wednesday over the interdict.
AMCU downed tools at Sibanye Gold’s gold mines in November after failing to reach a new wage agreement with the company, while other unions signed a deal.
South Africa’s precious-metals mines are among the world’s deepest and most labour-intensive and companies operating them are under constant pressure to contain costs. AMCU’s plans for an industry-wide strike marks a return to escalated conflict between South African mining companies and workers.
28 Feb 2019
Stocks decline on China PMI, Trump-Kim summit schedule changes
Adam Haigh, Bloomberg
Asian stocks extended declines along with US futures as investors fretted over the meaning of a sudden change in the schedule for the US-North Korea summit, where leaders had previously been expected to sign a joint statement.
Treasury yields dipped. Equities were on the back foot from Japan to China earlier in Thursday’s session, when Chinese economic data underscored concerns about the global economic slowdown. South Korean shares underperformed and the won dropped after the news on the summit between President Donald Trump and Kim Jong Un emerged. European futures were lower.
The yen pushed higher. After a stellar two-month rally for global shares, the bar for further gains may be high.
US Trade Representative Robert Lighthizer gave investors no incentive to bid up prices further on Wednesday, when he dialed back expectations for a sweeping trade deal with China.
Nor did the latest monthly China manufacturing PMI, which indicated another contraction.
“We still need more expansionary credit and fiscal policy to be implemented to stabilize growth” in China, Betty Wang, senior China economist at ANZ, told Bloomberg TV. “The economy is still not in a good shape.”
The dollar was little changed after Federal Reserve Chair Jerome Powell told lawmakers Wednesday that he’ll soon announce a plan to stop shrinking the central bank’s balance sheet, now around $4 trillion balance.
The recent escalation in tensions between India and Pakistan adds to a list of concerns from trade talks to global growth.
Pakistan Prime Minister Imran Khan sounded ready to back away from the brink, using a televised address to call for talks with India so that “better sense should prevail.”
Also in focus is the U.S.-North Korea summit in Hanoi featuring President Donald Trump and Kim Jong Un. Trump’s news conference will now be held at 14:00 local time instead of 16:00, White House Press Secretary Sarah Huckabee Sanders told reporters in Hanoi.
Asked if there will be a joint declaration, Sanders said that “negotiations were ongoing.”
Elsewhere, the pound held gains after the UK Parliament approved an amendment that sets down in writing the pledges Prime Minister Theresa May made Tuesday about a no-deal Brexit and a possible delay on the timing.
Oil edged lower after prices jumped by the most in almost a month as a plunge in US stockpiles showed OPEC and its allies tightening global supplies.
28 Feb 2019
Trump-Kim summit ends abruptly - Bloomberg
Asian stocks extended declines along with US futures after the U.S.-North Korea summit, where leaders had previously been expected to sign a joint statement, ended abruptly without any ceremony. Korean assets dropped and the yen advanced.
Equities were already on the back foot from Japan to China earlier in Thursday’s session, when disappointing Chinese economic data underscored concerns about the global economic slowdown.
South Korean shares underperformed after the news that President Donald Trump and Kim Jong Un departed the summit venue early in Hanoi. European futures were lower, as was West Texas Intermediate oil.
