South Africa | - Part 71

Standard Chartered Climbs as Impairment Drop Signals Turnaround

Johannesburg, South Africa, Capital Markets in Africa: Standard Chartered Plc rose as much as 5.7 percent in London trading as first-half loan impairment charges fell by a third, showing further progress in Chief Executive Officer Bill Winters’s plan to turn around the bank. The shares were up 5.3 percent at 11:01 a.m. in London, after provisions for bad loans declined to $1.1 billion in the first half, below the $1.56 billion Citigroup Inc. analysts had estimated. Operating costs…

South Africa’s Sins Forgotten as Rand Leads Post-Brexit Rally

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: The currency that was forecast to perform the worst in emerging markets this year is also the one benefiting most from the clamor to boost returns in the wake of the U.K.’s Brexit vote. South Africa’s rand has strengthened 4.9 percent against the dollar since the day before the U.K. voted to leave the European Union on June 23, the most among 31 major and developing-nation currencies tracked by Bloomberg and…

Local Vote May Spur ANC Policy Turn on South African Economy

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Johannesburg, Capital Markets in Africa: South Africa’s most competitive elections since the end of white minority rule in 1994 may force the ruling African National Congress to alter its economic course to address criticism that it’s not doing enough to tackle poverty or reduce a 27 percent unemployment rate. Investors will probably welcome any slippage in the ANC’s dominance in Wednesday’s municipal elections because it could push the party to do more to attract investment…

Nedbank Heads for Eight-Month High on Surprise Profit Increase

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Johannesburg, Capital Markets in Africa: Nedbank Group Ltd., the South African lender controlled by Old Mutual Plc, reached the highest level in eight months after first-half profit rose, beating analyst estimates that had predicted a decline. The shares jumped as much as 8.3 percent on Monday before paring gains, leading returns on the seven-member FTSE/JSE Africa Banks Index. First-half earnings per share excluding one-time items climbed to 11.19 rand from 11.01 rand a year earlier as bad-loan impairments improved….

South Africa Is a ‘Fire Sale’ for Tourists After Rand Rout

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South Africa, Capital Markets in Africa: Tourists are flocking back to South Africa’s game parks, beaches and vineyards as a weaker currency and easing of visa rules make holidays cheaper and more accessible. The number of visitors to South Africa from outside the continent increased by 19 percent over the five months through May, the Tourism Ministry said on July 20. The surging popularity among travelers from markets including the U.S. and Germany can be largely attributed…

South Africa Local-Currency Debt Rating Downgraded by Fitch

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South Africa, Capital Markets in Africa: Fitch Ratings downgraded South Africa’s local-currency debt one level to move it into line with the foreign-currency rating, bringing the nation’s 1.7 trillion rand ($118 billion) of domestic debt a step closer to junk level. The one-step cut to BBB-, the lowest investment grade, was part of a review of Fitch’s local-currency assessments, applying new criteria that resulted in downgrades for 23 issuers, the company said in a report that was…

South Africa June Inflation Quickens First Time in Four Months

Posted on by The Editorial Team

Johannesburg, Capital Markets in Africa: South African inflation quickened for the first time in four months in June, complicating the task of the Reserve Bank as it deliberates before announcing its rates decision on Thursday. The inflation rate rose to 6.3 percent from 6.1 percent a month earlier, Pretoria-based Statistics South Africa said on its website on Wednesday. The acceleration was in line with the median of 23 economist estimates compiled by Bloomberg. Prices rose 0.6 percent in the month….

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