29 Aug 2019
The rand closed at R15.33/$ on Thursday. Here's how the day wrapped up:
USDZAR 15.3303
EURUSD 1.1064
EURZAR 16.9529
GBPUSD 1.2199
GBPZAR 18.6920
AUDZAR 10.3106
CADZAR 11.5182
CNYZAR 2.1443
ZARJPY 6.9434
CHFZAR 15.5607
R186 8.20%
US 10 Year 1.51%
JSE 0.25%
FTSE 0.99%
S&P 500 1.03%
--
Gold 1 538.46
Plat 929.20
Plad 1 483.00
Rhod 4 520.00
Irid 1 470.00
Ruth 248.00
Copp 5 721.65
Brent 60.40
Gold ZAR 23 571.05
Plat ZAR 14 236.46
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29 Aug 2019
Mr Price’s new CEO earned a cool R7 million for three months’ work
Mr Price Group's remuneration policy faced stiff opposition from shareholders, with many voting against it at this week's Annual General Meeting.
Results of the meeting held on Wednesday show that investors representing more than a third of the shareholding in the company voted against the remuneration policy.
29 Aug 2019
Oil rises as China stokes optimism on potential trade-war easing
Bloomberg
Oil rose, erasing earlier losses, as investors weighed a sizable drop in U.S. crude inventories amid China’s latest indication that it won’t escalate the ongoing trade war with the US.
Futures in New York rose as much as 0.8% following an almost 4% rally over the previous two sessions.
European and US equities also pared earlier declines on Thursday as a spokesman for China’s commerce ministry signalled that the country wouldn’t immediately retaliate against the latest US tariff increase, saying that it was more important to discuss removing the extra duties.
29 Aug 2019
'Catastrophes' and hail damage dent Santam profit - but MiWay sees good growth
After a relatively quiet 2018, Santam was hit by "significant catastrophe events" in the first six months of 2019.
On Thursday, the company reported that the fires in the Betty's Bay area in January, hail damage in Newcastle in March and storm and flood damage in KwaZulu-Natal during April had a net impact of R221m on its half-year results.
In addition, its unit for crop insurance suffered an underwriting loss of R88m due to large hail-related claims from farmers. This is compared to a profit of R61m last year
29 Aug 2019
Makro and Game’s owner suffers a big loss as shoppers opt for cut-price goods
Walmart-controlled Massmart, owner of Makro, Game, Builders Warehouse and Dion Wired, has suffered a headline loss of R550 million for the six months to end-June – after earning a profit of more than R200 million in the same period last year.
Among other headwinds, the company blamed a 12% increase in costs for the loss. This was due to higher salaries after the introduction of the minimum wage this year, as well as load shedding and steeper municipal tariffs.
29 Aug 2019
Asian stocks mixed on trade; Treasury yields fall
Andreea Papuc, Bloomberg
Asian stocks were mixed Thursday as investors awaited clarity on when the next steps in the US and China trade negotiations might happen. The dollar held near a nine-month high and Treasury yields declined.
Equities fluctuated across the region having climbed from intraday lows in thin trading. US and European futures pointed lower.
Earlier, the S&P 500 Index closed higher on below average volume. The yen climbed after Trump administration officials appeared to show no urgency in resolving the trade fight.
The pound held losses after UK Prime Minister Boris Johnson moved to suspend parliament, increasing the risk of a no-deal Brexit.
29 Aug 2019
Woolworths sales in South Africa are picking up, but its Australian business remains a train smash
Despite the tough economy, Woolworths continues to see strong food sales and a pick-up in demand for its clothing in South Africa.
But its business Down Under remains in the doldrums. Its Australian department store chain, David Jones, experienced “peak disruption” from the refurbishment of the company's flagship Sydney store, the group said in its results for the year to end-June. Sales fell by some 3% in the past six months.