No image available
/ 29 April 2008

JSE lower, Anglo, firm rand weigh

The JSE was weaker in quiet trade at midday, weighed down by a firmer rand, lower metal prices and what was described as a disappointing production report from Anglo American. South African markets were closed on Monday for a holiday and are also closed on Thursday and Friday this week, with many players away for the two days in between.

No image available
/ 28 September 2007

Discovery could face millions of rands in claims

Three hundred former and present members of Discovery Health are suing the insurer for R852 000 in connection with an ancillary fee that they believe was charged illegally. But the group spearheading the action believes the company could be sued for up to R692-million should it succeed in its action, which they say could establish a precedent.

No image available
/ 30 May 2007

Rate hike seems unavoidable, analysts say

With CPIX breaching the upper limit of the South African Reserve Bank’s (SARB) inflation target of 3% to 6% for the first time in 44 months in April, economists feel that an interest-rate hike next week is virtually unavoidable. In fact, many believe that one hike many not be sufficient to quell consumer spending.

No image available
/ 15 May 2007

JSE down on Asian markets, commodities

The JSE was weaker in noon trade on Tuesday as weakness in Asian markets and lower commodity prices weighed on the market. At 11.55am, the all-share index was off 0,59%, with platinum counters down 2,76%. The gold index was only 0,03% weaker, however, but industrials were 0,75% in the red and resources 0,43% lower.

No image available
/ 23 February 2007

Nedbank CEO smiles over turnaround

Nedbank — once regarded by many as the doyen of South Africa’s so-called "big four" banks before losing some of its sheen — continues to make major strides in its turnaround strategy. For the year to the end of December, the group improved headline earnings by 40%, posting a R4,435-billion headline profit.

No image available
/ 20 November 2006

Alexander Forbes ready to move forward

Peter Moyo, CEO of financial and risk services provider Alexander Forbes, says the group is now firmly focused on extracting growth and shareholder value from its businesses in South Africa and internationally. This follows the conclusion of an independent review of historical business practices across its South African operations.

No image available
/ 12 October 2006

JSE a tad firmer ahead of MPC

Notwithstanding a slightly firmer rand, the JSE was marginally firmer in quiet, sideways trade at noon on Thursday ahead of the Reserve Bank’s Monetary Policy Committee (MPC) interest rates decision due shortly after 3pm. Dealers said that until the MPC announcement, there was likely to be little movement in the market.

No image available
/ 9 October 2006

JSE up with resources leading charge

Despite a slightly stronger rand, the JSE was up almost 100 points in midday trade on Monday, with resource stocks leading the charge. Dealers said resource stocks had received a boost from higher precious metals prices, which were being fuelled by concerns about claims by North Korea that it had conducted a nuclear test over the weekend.

No image available
/ 23 August 2006

JSE weaker on rand, profit-taking

A stronger rand and some profit-taking saw the JSE in the red in noon trade on Wednesday after two days of strong gains. Dealers said profit-taking on resources giant Anglo American, which went ex-dividend in London on Wednesday morning, and on BHP Billiton, which presented strong results during the morning session, was leading the market’s downside.

No image available
/ 2 August 2006

Vehicle sales not slowing down yet

With the base of demand for new cars growing substantially over the past five years and overall rates of economic growth expected to remain buoyant, the remaining months of 2006 are likely to yield further record-breaking months for new-vehicle sales, according to vehicle manufacturers.

No image available
/ 6 July 2006

FNB announces $30m sponsorship for 2010 Cup

First National Bank (FNB), which is heavily invested in South African soccer, announced on Thursday that it will sponsor the 2010 Fifa World Cup to the tune of $30-million (about R216-million). FNB is the first South African corporate to sign up officially as a national supporter of the 2010 Fifa World Cup.

No image available
/ 4 July 2006

SAA operating profit dwindles from R1b to R300m

Spiralling fuel costs, a strike and a later-than-planned introduction of new routes saw South African Airways’ (SAA) operating profit for the year ended March dwindle from R1-billion to just R300-million, it was revealed on Tuesday. Fuel costs rocketed by a whopping 51,5% over the 12-month period, resulting in a 17,7% spike in operating expenses.

No image available
/ 8 June 2006

‘Marked deterioration’ in inflation outlook

Latest forecasts show a marked deterioration in the inflation outlook, particularly in the short term, South African Reserve Bank (SARB) Governor Tito Mboweni cautioned on Thursday. He was speaking after the SARB’s monetary policy committee announced it had decided to raise the repo rate by 50 basis points to 7,5%.

No image available
/ 11 May 2006

SA trade activity index declines in March

The South African Trade Activity Index declined to 52 in April from 56 in March, reflecting a pull-back in trade conditions which was attributed to the number of trading days lost in April because of public holidays. However, the figure is still higher than the 50 recorded in February, the 47 recorded in January and December’s figure of 49.

No image available
/ 4 April 2006

Telkom makes offer for Business Connexion

Telkom has made a firm offer of R9 per share for leading IT services provider Business Connexion (BCX). The Internet Service Providers’ Association of South Africa has already stated that it intends to lodge an objection with the Competition Commission if Telkom attempts to purchase a controlling stake in BCX.

No image available
/ 23 February 2006

Discovery ‘cautiously optimistic’ about US business

South African health insurer Discovery says it has adopted "rigorous" measures to reverse the losses by its United States operation Destiny Health and is "cautiously optimistic’ about a turnaround in the medium term. Discovery CEO Adrian Gore said on Thursday that a "rigorous, disciplined approach" to the measurement and evaluation of Destiny’s progress was being applied on a quarterly basis.

No image available
/ 19 December 2005

New year looks rosy for SA banking

It would take a lot to top the events of 2005 in South Africa’s banking sector. But indications are that 2006 could prove to be just as exciting. Speculation is still rife that a second international bank could be looking to take out one of South Africa’s "big four" banks.

No image available
/ 29 November 2005

Gold, platinum slip from record highs

The gold price broke through the key psychological ceiling of $500 an ounce on Tuesday to a fresh 18-year high, as platinum prices rose above $1 000 for the first time in more than a quarter of a century in a broad metals rally. Gold touched $505,40/oz in Asia — a level last seen in December 1987.

No image available
/ 16 November 2005

Didata results reflect revenue growth

Reflecting a return to positive bottom-line profitability, IT group Dimension Data plc (Didata) on Wednesday reported basic earnings per share of 1,3 United States cents for the year to the end of September after a loss of 2,8 US cents the previous year. However, adjusted earnings per share amounted to 1,4 US cents compared with 0,9 US cents previously.

No image available
/ 18 October 2005

Survey shows signs of ‘rampant corruption’ in Africa

South Africa is ranked number 46 in the latest Transparency International Corruption Perceptions Index. Although its score of 4,5 on a scale of 10 beat the global average of 4,11 and was way above the average of three for African countries, it only ranked third on the continent — being pipped by Botswana in 32nd place with a score of 5,9 and Tunisia in 43rd place with a score of 4,9.

No image available
/ 20 September 2005

FirstRand boosts headline earnings

Assisted by buoyant market conditions and the group’s diversified income streams, financial-services group FirstRand boosted headline earnings by 32% to R7,6-billion for the year to the end of June. This translated into headline earnings per share of 146,2 cents, which were 32% higher than last year’s earnings of 111 cents per share.

No image available
/ 26 July 2005

Nedbank empowerment deal benefits black clients

Black clients stand to benefit from Nedbank’s black economic empowerment deal that will see approximately 11,5% of the banking group falling into the hands of a broad-based empowerment group. Black individuals who hold a primary account with Nedbank or its divisions stand to benefit from an innovative bonus-share scheme.