Markets WRAP: Rand closes at R14.73/$
‘Tenants are spoilt for choice.’ SA’s largest property group sees a shock rise in vacancies
Growthpoint, SA’s largest listed property company, has seen a sharp increase in the vacancies across its 450 buildings.
“Tenants are spoilt for choice and negotiations on renewal and new lets are tough,” the company said in a statement accompanying its results for the year to end-June.
The company owns 450 buildings, including a number of company headquarters and shopping centres like the Brooklyn Mall and Constantia Village Mall. Together, the portfolio of properties is worth R78 billion.Continue Reading
Stocks climb with oil amid China-trade speculation
Todd White, Bloomberg, with Fin24
Stocks advanced in Europe and Asia while US index futures drifted after more signs emerged that China will move to lessen the trade war’s repercussions.
The JSE All-Share index was 0.9% higher at 11:25.
European sovereign bonds nudged lower and Treasuries steadied.
The Stoxx Europe 600 Index climbed, driven in part by the strong rotation into cyclical sectors that had lagged behind this year, such as mining and banking shares. Contracts on the three main US equity indexes all fluctuated.
Yields on 10-year Treasuries and similar German bunds both touched one-month highs on Wednesday. Equities jumped in Japan and Hong Kong after an influential newspaper editor said China will implement measures to ease the trade war’s impact on the world’s second-biggest economy.
The measures planned by Beijing will benefit some companies from China and the U.S., Global Times editor Hu Xijin said in a Twitter post. Japan’s currency dropped for a third straight session.
Prosus: New Naspers internet company starts with a bang in Amsterdam
Prosus, the new Naspers international digital company, made a strong start to its first trading day in Amsterdam and Johannesburg on Wednesday morning.
It opened at 76 euro – 30% higher than the reference price issued by Naspers on Tuesday night.
According to Bloomberg data, it was last trading at 74.05 euro. More than two million shares have traded hands.Read On
Stocks climb, yen slips on China-trade speculation
Adam Haigh and Todd White, Bloomberg
Stocks advanced in Europe and Asia while US index futures drifted after more signs emerged that that China will move to lessen the trade war’s repercussions. The yen weakened.The Stoxx Europe 600 Index climbed, with miners and banks increasing the most.
Equities in Japan and Hong Kong led gains in Asia after an influential newspaper editor said China will implement measures to ease the trade war’s impact.
Treasuries and German bunds halted this week’s sell-off.
Japan’s currency dropped for a third straight session. China separately released a list of items approved for tariff exemptions that did not include soybeans and pork, as some had expected.
Chinese stocks edged down, though shares of brokerages climbed earlier after the country removed a foreign investment limit in its capital markets.
The measures planned by Beijing will benefit some companies from China and US, Global Times editor Hu Xijin said in Twitter post.
Prosus set to list on Euronext Amsterdam
Naspers is all set to list internet assets including Tencent Holdings in Amsterdam after valuing the newly created group at about 95 billion euros (R1.5 trillion).
New entity Prosus NV will have 1.62 billion shares priced at 58.70 euros each when it debuts at 09:00 on Wednesday, according to a statement from the Euronext stock exchange. The firm will become the Netherlands’ third-largest listed company, behind Royal Dutch Shell Plc and Unilever NV.Continue Reading
Xenophobia: No country can prosper on its own, says Massmart chair
Massmart chair Kuseni Dlamini has joined a chorus of business leaders condemning the recent wave of attacks against foreign nationals in South Africa, saying "no country can prosper on its own".
Speaking at the Moody’s Sub-Saharan Africa Summit on Tuesday, Dlamini said bold leadership was required to drive the narrative that Africans need to co-exist, in order to take on the world.
"Not one African country can prosper on its own. That is why I have been very saddened by the violence against foreign nationals in our country."Read On