South Africa | - Part 50

Sasol First-Half Profit Drops After Strike, Currency Losses

JOHANNESBURG (Capital Markets in Africa) – Sasol Limited said first-half profit declined as much as 44 percent from a year earlier after the world’s biggest producer of liquid fuels from coal was hurt by currency losses and a three-month strike at its South African operations. Profit before one-time items, known as headline earnings, for the six months through December decreased by between 8.26 rand ($0.62) and 10.68 rand from the 24.28 rand reported a year earlier,…

Lonmin Drops Most in a Year as Output Falls at Biggest Shaft

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JOHANNESBURG (Capital Markets in Africa) – Lonmin Plc, the world’s third-largest platinum miner, plunged the most in more than 12 months after stoppages at its biggest shaft caused output to slide. Lonmin dropped as much as 19 percent in London on Thursday, the largest intraday decline since Dec. 18, 2015, and traded at 143.5 pence as of 1:32 p.m. local time. It was the worst performer on the FTSE SmallCap Index. Fiscal first-quarter ore production at…

Goldman’s Contrarian View on South Africa’s Rand

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JOHANNESBURG (Capital Markets in Africa) – There’s still some momentum left in South African rand’s rally, according to Goldman Sachs Group Inc. The 148-year-old Wall Street lender predicts the currency will extend its 17 percent gain since the beginning of 2016 to end the year at 13 per dollar, a level last seen in 2015. That’s a view shared by only three out of 26 analysts in a Bloomberg survey: the median forecast is for the currency…

Vodacom Said to Mull Sale of Shareholding to Black Investors

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JOHANNESBURG (Capital Markets in Africa) – Vodafone Group Plc’s publicly traded South African unit is considering the sale of a 15 billion rand ($1.1 billion) stake in what would be one of the country’s biggest ever deals aimed at boosting black participation in the economy, according to two people familiar with the matter. Vodacom Group Ltd. plans to buy back part of the 12.47 percent stake owned by government-pension fund manager the Public Investment Corp., said…

Bidvest Can Tap $1 Billion for Deals Outside South Africa

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JOHANNESBURG (Capital Markets in Africa) – Bidvest Group Ltd. is seeking deals outside its South African home market and could borrow as much as $1 billion for acquisitions after it spun off its food-services unit last year, its chief executive officer said. Lindsay Ralphs, the CEO, is plotting Bidvest’s next phase of growth after the Johannesburg-based company listed Bid Corp Ltd., which is about 40 percent larger by market capitalization at 80 billion rand ($6 billion). Now…

S&P says South Africa needs to deliver growth, fiscal improvements

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s sovereign credit rating could come under pressure if the country’s economic growth and fiscal performance do not improve, the head of the sub-Saharan region of S&P Global Ratings said on Wednesday. “We have certain expectations with regard to GDP growth and certain expectations with regard to fiscal improvements. If there is no delivery in this regard, that could certainly put pressure on the rating,” Konrad Reuss told…

Rand Merchant Bank lists US Dollar Custodial Certificates on JSE

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JOHANNESBURG (Capital Markets in Africa) – Rand Merchant Bank (RMB), has listed an innovative new product on the Johannesburg Stock Exchange (JSE), which will enable companies and individuals to hold unlimited quantities of cash in US dollars. US Dollar Custodial Certificates (DCCs), listed on the Exchange Traded Funds sector of the JSE on 24th January, are easily tradable, dollar-denominated investment instruments which have no exchange control implications. Investors earn the return of a US Treasury…

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