<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;The following economic events, equity and currency market moves may affect South African markets on Friday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



October money supply and credit data



October budget balance



October trade balance



Inflation-linked bonds auction



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



The South African rand strengthened on Thursday, after the release of October producer inflation data and the central bank&#8217;s November Financial Stability Review.



On the stock market, the Top-40 index closed about 0.4% lower.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian shares slipped on Friday, while the yen was aiming for its best week in four months as strong local inflation data had traders favouring an imminent rate hike from the Bank of Japan.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



Wall Street&#8217;s main indexes closed lower on Wednesday, with the Nasdaq leading declines, as technology stocks slumped on Thanksgiving eve on worries the Federal Reserve may be cautious about rate cuts after stubbornly strong U.S. inflation data Markets were closed on Thursday for the Thanksgiving holiday.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices rose on Friday, helped by a slight dip in the U.S. dollar and growing geopolitical tension, but remained on track for a weekly decline as markets awaited key U.S. data for further insights into the Federal Reserve&#8217;s monetary policy direction.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Financial system more stable but households and small business still taking strain



&#8211; Ramaphosa pushes expanded VAT-free food plan



(Compiled by Tannur Anders)

istockphoto-1076949610-612×612-1

South African Markets -Factors to watch on Nov 29

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4225" height="2817" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/EARVVGDVLZP6LFYHXIQGPYZEYQ.avif" alt="" class="wp-image-559991"/><figcaption class="wp-element-caption">Brazil&#8217;s President Luiz Inacio Lula da Silva, South Africa&#8217;s President Cyril Ramaphosa, China&#8217;s President Xi Jinping, Australia&#8217;s Prime Minister Anthony Albanese, French President Emmanuel Macron, German Chancellor Olaf Scholz, South Korea&#8217;s President Yoon Suk Yeol, Japan&#8217;s Prime Minister Shigeru Ishiba, Mexico&#8217;s President Claudia Sheinbaum, Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud and Russia&#8217;s Foreign Minister Sergei Lavrov pose for a group photo accompanied by other leaders during the G20 summit in Rio de Janeiro, Brazil, November 18, 2024. REUTERS/Pilar Olivares/File Photo</figcaption></figure>



JOHANNESBURG, Nov 29 (Reuters)&nbsp;&#8211;&nbsp;South Africa takes over the G20 presidency on Sunday, the first African country to lead the forum, though its focus on issues such as inclusive growth and climate change risks bumping up against the hard reality of trade wars and diplomatic tensions.



Coming a year after the African Union was admitted as a permanent member of the G20, South Africa&#8217;s turn at the helm is seen as an opportunity to push for progress on policy areas crucial to the continent&#8217;s development.



President Cyril Ramaphosa has cited inclusive economic growth, food security, climate change and artificial intelligence as priorities, with details expected next week.



South Africa is the fourth emerging market in a row to assume the G20 presidency, which rotates annually, after Indonesia, India and Brazil, and Ramaphosa has said his country would seek to build on the work of those predecessors.



The United States will take over in December 2025 under the leadership of Donald Trump, whose incoming administration has threatened to introduce restrictive trade tariffs on nations including Canada, Mexico and China, raising fears of trade wars.



Trump has also largely rejected the scientific consensus on the impact of human activity on climate change and vowed to dismantle climate-related policies he will inherit from President Joe Biden.



&#8220;It will be important for South Africa to ensure that it consolidates positions of the Global South and hands over to the U.S. a solid legacy on issues to avoid the U.S. and Global North diluting or undermining the whole agenda of the Global South,&#8221; said David Monyae, director of the Centre for Africa-China Studies at the University of Johannesburg.



<h2 class="wp-block-heading" id="h-polarised-world">POLARISED WORLD</h2>



The G20, which includes 19 sovereign nations as well as the European Union and African Union, was established to bolster global economic cooperation. It represents 85% of the global economy, 75% of world trade and 67% of the global population.



However, with members such as the United States, China and Russia in open confrontation over trade and wars in Ukraine, the Middle East and elsewhere, global polarisation complicates the G20&#8217;s stated mission.



The International Monetary Fund and rating agencies have warned that increasingly protectionist trade policies were a threat to global growth and could hit emerging market economies the hardest.



Laura Rubidge, foreign policy researcher at the South African Institute of International Affairs, said the G20 presidency would give South Africa a chance to advocate for more effective reforms.



She said progress on issues such as sovereign debt, the IMF&#8217;s Common Framework and improving the World Trade Organization&#8217;s dispute settlement mechanism could help further Ramaphosa&#8217;s inclusive growth objective.



(Reporting by Kopano Gumbi; Editing by Estelle Shirbon and Tomasz Janowski)

EARVVGDVLZP6LFYHXIQGPYZEYQ

South Africa takes G20 helm as polarisation complicates agenda

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3442" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/DI47TGYKBVJVPHMSRFMIAXEEVA.avif" alt="" class="wp-image-559592"/><figcaption class="wp-element-caption">A logo of the Boxer store of one of South Africa&#8217;s fastest growing discount grocery chains is seen in Protea Glen, South Africa, on November 25, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters) &#8211; Shares in South African discount grocer Boxer rose 17.6% on their trading debut on the Johannesburg Stock Exchange on Thursday, as investors bet on the growth of discounters after leading last week&#8217;s 8.5 billion rand ($471 million) initial public offering.



Parent Pick n Pay floated a 34.4% stake in Boxer, which started off as a small town operator in KwaZulu-Natal province and has grown to take a 68% share of the discount grocery retail market with over 500 stores in South Africa and neighbouring Eswatini.



Boxer&#8217;s shares opened at 63.01 rand, compared with a pre-listing subscription price of 54 rand. The shared closed at R63.51 after hitting a session high of 64.79 rand.



At 64 rand, the price-to-earnings (P/E) ratio has risen to around 20 times, which is closer to the country&#8217;s biggest grocer Shoprite&#8217;s P/E multiple, Nedbank senior equity research analyst Paul Steegers said.



Sasfin Wealth senior equity analyst Alec Abraham said that was fair &#8220;considering that Boxer&#8217;s medium-term earnings growth rate is likely to be higher than Shoprite.&#8221;



Pick n Pay said on Monday it had sold 157.4 million shares in Boxer and that its order book was multiple times oversubscribed at the top end of the offer price range.



This implies a market capitalisation of 24.7 billion rand for Boxer.



&#8220;The listing on the JSE will increase our profile and visibility, and provide Boxer with access to a large pool of capital for growth,&#8221; Boxer CEO Marek Masojada said before blowing a kudu horn to signal the first trade.



&#8220;The support from investors was overwhelming, clearly demonstrating the worth of the Boxer business.&#8221;



Masojada&#8217;s list of priorities includes ramping up the retailer&#8217;s new store rollout plan, expanding its private label offering and offering of fresh produce such as vegetables and meat, he told Reuters after the listing.



Boxer aims to double its store footprint in the next six to seven years, with 60 to 70 new stores per year.



&#8220;This is a business that still have good growth potential in the South African food retail space, so certainly something that will attract a lot of interest given the mediocre state of the consumer,&#8221; said Casparus Treurnicht, portfolio manager at Gryphon Asset Management.



Pick n Pay, the country&#8217;s third biggest grocery retailer by market capitalisation, will retain a 65.6% stake in Boxer. The listing also completes Pick n Pay&#8217;s two-step recapitalisation plan, significantly strengthening its balance sheet.



($1 = 18.1938 rand)



(Reporting by Nqobile Dludla; Editing by David Goodman and Susan Fenton)

DI47TGYKBVJVPHMSRFMIAXEEVA

South African retailer Boxer’s shares jump 16% on market debut

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3265" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/PPA7LZHDAZIPJMJ7KHMLZAMWME.avif" alt="" class="wp-image-559698"/><figcaption class="wp-element-caption">A view shows the logo of South Africa&#8217;s central reserve bank, at the reserve bank offices in Pretoria, South Africa, January 26, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;The outlook for financial stability in South Africa has improved following successful elections, reduced power cuts, and the expectation of lower interest rates, the central bank said on Thursday.



The coalition government formed in June after the governing African National Congress lost its parliamentary majority for the first time in 30 years has markedly improved investor sentiment.



The rand has strengthened against the U.S. dollar and remains the only emerging market currency to have done so this year.



South Africa has also had eight months of uninterrupted power supply, after years of rolling blackouts of up to 10 hours a day.



The South African Reserve Bank (SARB) is also well into its rate cutting cycle, reducing its main lending rate by another 25 basis points to 7.75% earlier this month, with analysts forecasting more cuts from next year.



In the second edition of its Financial Stability Review (FSR), a biannual health check of the financial system, the central bank said risks remained, many of them structural.



&#8220;The perpetual risks to financial stability include persistently low and inequitable domestic economic growth, the impact of climate change on the financial sector and the ever-present threat of a cyber incident with systemic impact,&#8221; it said.



In addition, ratings agencies have kept South Africa at sub-investment grade for years, although a recent upward revision of the outlook by S&amp;P Global has boosted confidence.



To bolster the long term stability of the financial sector, the SARB is requiring banks to build up additional capital buffers from January 2025.



Banks will have to increase their capital holdings by 1%, with the central bank able to tap these funds in periods of stress.



(Reporting by Kopano Gumbi; Editing by Mark Potter)

PPA7LZHDAZIPJMJ7KHMLZAMWME

South Africa’s financial stability outlook improves, central bank says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="507" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg" alt="" class="wp-image-533970" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-820x507.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-300x186.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-145x90.jpg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-768x475.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-1536x950.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/RAND-DOLLAR-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African bank notes featuring images of former South African President Nelson Mandela (R) are displayed next to the American dollar notes in this photo illustration in Johannesburg August 13 2014. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 28 (Reuters)&nbsp;&#8211;&nbsp;The South African rand was little changed in early trade on Thursday, ahead of October producer inflation data and the central bank&#8217;s November Financial Stability Review.



At 0644 GMT the rand traded at 18.21 against the dollar, near its previous close of 18.2050.



Domestic producer price inflation figures for October are due at 0930 GMT on Thursday followed by the South African Reserve Bank&#8217;s (SARB) November Financial Stability Review at 1400 GMT.



&#8220;In the broader context of things, with big foreign policy and geopolitical developments dominating the market landscape, the local data is unlikely to move markets much,&#8221; said ETM Analytics in a research note.



&#8220;Investors will rather use it as an update on the broader economic cycle and what that might mean for SARB monetary policy.&#8221;



South Africa&#8217;s benchmark 2030 government bond was weaker in early deals, with the yield up 1 basis point at 9.04%.



(Reporting by Tannur Anders; Editing by David Goodman)

Photo illustration of South African bank notes displayed next to the American dollar notes in Johannesburg

South African rand stable ahead of producer inflation data and central bank review

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg" alt="" class="wp-image-499905" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-768x493.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/RQ6Y27JM7RJZXG4XPHIK3JJ37I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Naspers&#8217; logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, Nov 27 (Reuters)&nbsp;&#8211;&nbsp;Takealot, South Africa&#8217;s biggest pure-play online retailer, on Wednesday opened its third distribution centre in the coastal province of KwaZulu-Natal, as it seeks to offer faster deliveries in the country&#8217;s second most populated region.



The e-commerce giant, owned by tech investor Naspers has been operating in KwaZulu-Natal (KZN) for over a decade but fulfilling orders through its other warehouses.



&#8220;The centre is a strategic enhancement of our delivery network to better service the people of the province,&#8221; Frederik Zietsman, CEO of Takealot Group said in a statement.



Located in the coastal city of Durban, the facility spans 43,000 square metres and is equipped to ship up to 45,000 units per day, the company said.



Durban, being one of South Africa&#8217;s leading industrial and economic hubs, plays an important role in the country&#8217;s trade and logistics networks, Zietsman said.



&#8220;The city&#8217;s infrastructure connects regional markets to global supply chains, and its strategic location offers unmatched access to key transport routes. The new Distribution Centre enables Takealot to leverage on these logistical advantages,&#8221; he added.



Takealot, which is defending its market share against newcomer U.S. e-commerce giant Amazon, has two other distribution centres, in Cape Town and Johannesburg.



(Reporting by Nqobile Dludla; Editing by Elaine Hardcastle)

FILE PHOTO: Illustration shows smartphone with Naspers’ logo

Takealot boosts logistics with new distribution centre in South Africa’s Durban

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-820x429.jpg" alt="" class="wp-image-558858" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/MQA3LM34T5KLNL355QDOHJWY6Y.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South Africa&#8217;s President Cyril Ramaphosa speaks at the opening session of the World Science Forum in Cape Town, South Africa, December 6, 2022. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, Nov 26 (Reuters)&nbsp;&#8211;&nbsp;South African opposition party the Economic Freedom Fighters (EFF) brought a case to the country&#8217;s top court on Tuesday to try to revive impeachment proceedings against President Cyril Ramaphosa over the scandal dubbed &#8220;Farmgate&#8221; by local media.



The scandal centred on the alleged theft of millions of dollars hidden in furniture on Ramaphosa&#8217;s Phala Phala game farm, which a former intelligence official revealed to police.



An independent panel report found evidence Ramaphosa may have committed misconduct over the incident.



But in late 2022 lawmakers from Ramaphosa&#8217;s African National Congress (ANC), which had a majority in the National Assembly at the time, voted to reject the report and prevented an impeachment committee from being set up to probe the allegations.



The EFF argues the National Assembly acted unlawfully by not holding the president to account. Ramaphosa and the ANC say the report did not provide sufficient evidence to support its findings and relied on hearsay, according to a summary of the case published by the Constitutional Court in Johannesburg.



The first hearing started on Tuesday morning.



Ramaphosa has always denied wrongdoing over the affair and has not been charged with any crime.



The ANC lost its parliamentary majority in an election in May this year, but it continues to govern as part of a broad coalition with other parties.



(Reporting by Nellie Peyton; Editing by Alexander Winning and Alex Richardson)

MQA3LM34T5KLNL355QDOHJWY6Y

S.Africa opposition seeks to revive impeachment proceedings against Ramaphosa

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/SMGPRUOGTVKQFGJ7HDZKUUAZQQ.avif" alt="" class="wp-image-558475"/><figcaption class="wp-element-caption">Shoppers stand at a Pick n Pay store at the Dobson Point Shopping Centre, in Soweto, South Africa, March 19, 2024. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 25 (Reuters) &#8211; South African grocery retailer Pick n Pay raised 8.5 billion rand ($471 million) after selling a 34.4% stake in its discount chain Boxer at 54 rand per share to institutional investors in an initial public offering, it said on Monday.



The IPO is the second and final step of CEO Sean Summers&#8217; two-step recapitalisation plan to raise much needed cash to lower Pick n Pay Group debt and fix its loss-making core Pick n Pay supermarkets business. It has already raised 4 billion rand through a rights issue.



&#8220;Local and international investors have demonstrated extraordinary support for (Boxer&#8217;s) equity story and growth trajectory, with the order book being multiple times oversubscribed at the top end of the offer price range,&#8221; Boxer CEO Marek Masojada said.



The offer price range was between 42 rand and 54 rand. The retailer sold 157.4 million shares.



Based on a total of 457,407,408 shares in issue, assuming the overallotment option is exercised in full, the offer price implies a market capitalisation of 24.7 billion rand, the retailer said.



An overallotment option grants the underwriter the right to sell more shares to provide price stability. In this case there are 9,259,259 overallotment shares representing about 500 million rand although the retailer said there was no guarantee they would be sold.



Pick n Pay, the country&#8217;s third biggest grocery retailer by market cap, will retain a 65.6% stake in Boxer.



Boxer&#8217;s shares are scheduled to start trading on the main board of Johannesburg&#8217;s stock exchange on Nov. 28, with a secondary listing on the local alternative market.



Founded in 1977 as a small operator in towns like Nquthu and Ulundi in KwaZulu-Natal, Boxer has now grown to 489 stores across the country and Eswatini, with roughly a 68% market share of the discount grocery retail market.



($1 = 18.0602 rand)



(Reporting by Nqobile Dludla; Editing by Tom Hogue and Kim Coghill, Kirsten Donovan)

SMGPRUOGTVKQFGJ7HDZKUUAZQQ

South Africa’s Pick n Pay raises $471 mln in Boxer IPO

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3299" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/YHAEHYTU3FKTXKQPXGYAMT4ESQ.avif" alt="" class="wp-image-557099"/><figcaption class="wp-element-caption">The logo of South Africa&#8217;s central reserve bank is seen during the delivery of a keynote address by South Africa&#8217;s central bank governor, Lesetja Kganyago, at the University of the Witwatersrand in Johannesburg, South Africa, November 1, 2022. REUTERS/Siphiwe Sibeko/File photo</figcaption></figure>



PRETORIA, Nov 21 (Reuters) &#8211; South Africa&#8217;s central bank opted for another small cut to its main interest rate on Thursday, stressing the global economic backdrop was tough and the outlook highly uncertain despite domestic inflation falling below its target.



The decision to lower the repo rate by 25 basis points (bps) to 7.75% was unanimous, with the Monetary Policy Committee not discussing a larger 50 bps cut, South African Reserve Bank Governor Lesetja Kganyago told reporters.



The majority of economists in a Reuters poll published last week had predicted a 25 bps cut, the same size of cut as in September.



Annual inflation slowed sharply to 2.8% in October, its lowest level in over four years, dropping below the central bank&#8217;s 3% to 6% target range.



&#8220;The Committee agreed that reducing the level of policy restrictiveness is still consistent with achieving the inflation target. The risk outlook, however, requires a cautious approach,&#8221; Kganyago said.



&#8220;Global interest rates could well shift higher again, and the recent rand depreciation demonstrates how rapidly changes in the global environment can affect South Africa.&#8221;



Alongside other emerging market currencies, the rand has sold off since Donald Trump&#8217;s U.S. election win, losing more than 3% against the dollar.



(Reporting by Tannur Anders, Bhargav Acharya and Kopano Gumbi; Editing by Alexander Winning)

YHAEHYTU3FKTXKQPXGYAMT4ESQ

South African central bank trims key rate but stresses tough backdrop

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 21 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcements, equity and currency market moves may affect South African markets on Thursday.



<h2 class="wp-block-heading" id="h-economic-event">ECONOMIC EVENT</h2>



The South African Reserve Bank to announce interest rate decision



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



South Africa&#8217;s Mr Price profit rises in first half on better Q2 sales



South Africa&#8217;s Investec to release half-year results



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



South Africa&#8217;s rand slipped on Wednesday against a buoyant dollar, despite inflation dropping to its lowest level in more than four years, and as investors geared up for a policy announcement by the central bank on Thursday.



On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed about 0.8% up.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian equities fell on Thursday after AI darling Nvidia disappointed investors with slower revenue growth expectations, while the dollar firmed and bitcoin hit a record high, buoyed by hopes about U.S. President-elect Donald Trump&#8217;s policies.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The tech-heavy Nasdaq closed lower on Wednesday, taking a break from the prior session&#8217;s rally as investors worried about escalating Russia-Ukraine tensions and weak results from Target, while awaiting earnings from megacap Nvidia that landed after the bell.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices rose for a fourth straight session on Thursday, driven by safe-haven demand amid escalating tensions in the Russia-Ukraine conflict, while investors awaited remarks from U.S. Federal Reserve policymakers on the interest rate outlook. 



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; SA’s international finance pledges for its energy transition now over $13bn



&#8211; Tiger Brands simplifies portfolio with sale of Elizabeth Anne’s



<h2 class="wp-block-heading" id="h-fin-24">FIN 24</h2>



&#8211; Drive-outs, not buy-outs: Ninety One sees competition driving consolidation despite R5bn Sanlam deal



&#8211; COP29 | SA upbeat on mitigation deal despite staunch opposition



(Compiled by Bhargav Acharya)

South African Markets – Factors to watch on Nov 21

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3271" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/6O5Q2NTHUVPPPMS2HHSHYSFF2Q.avif" alt="" class="wp-image-556950"/><figcaption class="wp-element-caption">Members of the South African National Defence Force (SANDF), part of the Southern African Development Community (SADC) military mission for eastern Congo, in Goma, North Kivu province of the Democratic Republic of Congo February 20, 2024. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



HARARE, (Reuters) &#8211; Southern Africa&#8217;s regional bloc on Wednesday extended by a year its troop deployment in Democratic Republic of Congo, where it is helping the government fight rebel groups.



The Southern African Development Community (SADC) deployed the mission in Congo, a major producer of metals like cobalt and copper, in December 2023 with a one-year mandate.



A communique issued after regional leaders met in Zimbabwe&#8217;s capital Harare expressed concern at the security and humanitarian situation in Congo and reiterated the bloc&#8217;s support for the government.



Congo is one of SADC&#8217;s 16 member states.



&#8220;Summit extended the mandate of the SADC Mission in the Democratic Republic of Congo by one year, continuing the regional response to address the prevailing unstable security situation,&#8221; the communique said.



Conflict in Congo&#8217;s restive east has raged for decades between a myriad of rival armed groups over land and resources.



Hundreds of thousands of people have been killed and millions displaced in the fighting, which has continued despite numerous ceasefires.



(Reporting by Nyasha Chingono; Writing by Tannur Anders; Editing by Alexander Winning)

6O5Q2NTHUVPPPMS2HHSHYSFF2Q

Southern African bloc extends troop deployment in Congo by a year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3266" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/OUYYQXCMJBIYFCNERSGFHJFKBA.avif" alt="" class="wp-image-556603"/><figcaption class="wp-element-caption">Shoppers walk past a shop window displaying Black Friday signage at Woodmead Value Mart, in Johannesburg, South Africa, November 25, 2023. REUTERS/Sumaya Hisham/ File Photo</figcaption></figure>



JOHANNESBURG, Nov 20 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s annual inflation rate slowed sharply to 2.8% in October, data showed on Wednesday, setting the stage for another interest rate cut by the central bank this week.



Statistics South Africa said falling fuel prices were the primary driver of the slowdown in the headline rate from 3.8% in September.



October&#8217;s reading is the lowest inflation has been since June 2020, during the peak of the COVID-19 pandemic.



Independent economist Elize Kruger said fuel and food price developments play a greater role in October, which is considered a low survey month.



South Africa&#8217;s government-regulated petrol and diesel prices fell by more than one rand a litre in October.



Economists polled by Reuters had forecast inflation would&nbsp;slow to&nbsp;3.1%, well below the 4.5% level the South African Reserve Bank (SARB) aims for&nbsp;but just within the bank&#8217;s 3%-6% target range.



The SARB will announce its next interest rate decision on Thursday.



A Reuters poll published last week predicted the central bank would lower its repo rate by 25 basis points (bps), the same size of cut as in September, when the SARB cut rates for the first time in more than four years.



&#8220;Given recent SARB rhetoric, the recent rand depreciation and a conservative (monetary policy) committee, a 25 bps cut remains the base case forecast,&#8221; Kruger said.



(Reporting by Bhargav Acharya, Kopano Gumbi and Tannur Anders; Editing by Alexander Winning)

OUYYQXCMJBIYFCNERSGFHJFKBA

South African inflation drops to lowest since June 2020

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-820x547.jpg" alt="" class="wp-image-556534" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/GAJOROW4UVLYLPNNLHMSHRLWIU-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: South Africa&#8217;s President Cyril Ramaphosa gives a statement on the coronavirus disease (COVID-19) vaccination, during a European Union &#8211; African Union summit, in Brussels, Belgium February 18, 2022. REUTERS/Johanna Geron/Pool/File Photo</figcaption></figure>



JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&nbsp;will use its&nbsp;G20 presidency&nbsp;to focus on advancing&nbsp;inclusive economic growth, food security and artificial intelligence, President Cyril Ramaphosa said on Tuesday at a summit of the Group of 20 major economies&nbsp;in Brazil.



South Africa takes over the G20 presidency from Brazil at the summit in Rio de Janeiro.



Brazil&#8217;s President Luiz Inacio Lula da Silva earlier urged G20 leaders to accelerate their national climate targets, calling on them to reach net zero climate emissions five to 10 years ahead of schedule.



&#8220;As South Africa, we undertake to advance the work of the G20 towards achieving greater global economic growth and sustainable development. We will work to ensure that no one is left behind,&#8221; Ramaphosa said.



He added: &#8220;South Africa&#8217;s Presidency will be the first time an African country has presided over the G20. We will use this moment to bring the development priorities of the African Continent and the Global South more firmly onto the agenda of the G20.&#8221;



(Reporting by Bhargav Acharya; Editing by Alexander Winning)

FILE PHOTO: South Africa’s President Cyril Ramaphosa

South Africa will focus G20 presidency on inclusive growth, food security

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-820x547.jpg" alt="" class="wp-image-556237" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/11/HWPGQTLYHJLYXAPSSSZN7XH4SU-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of the Pretoria skyline with smog in the air taken from the Union Buildings in Pretoria, South Africa, June 19, 2024. PHILL MAGAKOE/Pool via REUTERS/File Photo</figcaption></figure>



JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s tax service said on Tuesday that pension withdrawals in the 11 weeks since a reform took effect allowing people to make partial withdrawals before retirement had risen to&nbsp;35.1 billion rand ($1.9 billion).



The South African Revenue Service said on Oct. 11 that 21.4 billion rand had been paid out since the Sept. 1 reform.



The &#8220;two-pot&#8221; pension reform is meant to support long-term retirement savings while offering flexibility to fund members in financial distress.



It is expected to spur economic growth in the final months of 2024 and boost the government&#8217;s tax take.



($1 = 18.0703 rand)



(Reporting by Tannur Anders; Editing by Alexander Winning and Kevin Liffey)

Inauguration of South Africa’s Cyril Ramaphosa as President at the Union Buildings, in Pretoria

South African pension withdrawals since reform up to $1.9 billion

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg" alt="" class="wp-image-524583" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;The following economic event, equity and currency market moves may affect South African markets on Tuesday.



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



South African government&#8217;s weekly long-term bonds auction



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



South Africa&#8217;s rand jumped on Monday, as markets welcomed rating agency S&amp;P&#8217;s decision to raise the country&#8217;s credit rating outlook.



On the stock market, the Top-40 index closed 0.6% up.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks rose on Tuesday while U.S. bond yields and the dollar hung back from multi-month highs as traders awaited President-elect Donald Trump&#8217;s cabinet selection and sought to gauge the outlook for Federal Reserve easing.



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



The Nasdaq and S&amp;P 500 closed higher on Monday, recovering some losses as investors anticipate quarterly earnings from AI leader Nvidia, and Tesla jumped on the prospect of favorable policy changes from the incoming Trump administration.



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



Gold prices climbed to a one-week high on Tuesday, buoyed by a softer U.S. dollar, while the market awaited comments from Federal Reserve officials for cues on the U.S. interest rate outlook.



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



&#8211; Ramaphosa says SA’s G20 presidency a chance to reform global governance



&#8211; Delay in electricity law raises concerns about reforms



(Compiled by Tannur Anders)

South African Markets – Factors to watch on Nov 19

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg" alt="" class="wp-image-423556" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/03/IQMT7SFA2RNQLAQHUEOA2VEMMQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Illustration photo shows a two-rand coin above a South African flag April 12, 2017. REUTERS/Thomas White/Illustration</figcaption></figure>



JOHANNESBURG, Nov 19 (Reuters)&nbsp;&#8211;&nbsp;The South African rand slightly weakened in early trade on Tuesday as investors awaited a local inflation report and upcoming monetary policy decision.



At 0559 GMT, the rand traded at 17.9650 against the U.S. dollar, about 0.1% weaker than its previous close.



&#8220;It is a quiet day on the data front,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.



&#8220;Technically, the ZAR could come back to 17.80, but I think the moves today should be more measured, with some consolidation taking place,&#8221; Phillips said.



South Africa-focussed investors will eye October&#8217;s inflation print on Wednesday and the central bank&#8217;s monetary policy decision on Thursday.



The bank is expected to reduce the repo rate by 25 basis point, according to a Reuters poll of economists, after implementing a cut of the same magnitude at its September meeting.



South Africa&#8217;s benchmark 2030 government bond was flat in early deals, with the yield at 9.117%.



(Reporting by Tannur Anders; Editing by Sherry Jacob-Phillips)

Illustration photo of South African rand

South African rand softens as market awaits inflation print, rate decision

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="568" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg" alt="" class="wp-image-469791" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-1536x1065.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an MTN logo outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, Nov 18 (Reuters) &#8211; Africa&#8217;s biggest mobile operator MTN is exploring partnerships with low-Earth-orbit (LEO) satellite providers to bring internet connection to rural and remote customers in particular, Group CEO Ralph Mupita said on Monday.



Satellite-internet has become an alternative connectivity solution across Africa with the popularity of providers such as Starlink, operated by Elon Musk&#8217;s SpaceX.



LEO satellites provide high-speed internet even in areas where terrestrial telecommunications infrastructure such as fibre and mobile broadband is difficult and expensive to deploy.



&#8220;To keep customers and businesses connected at all times, we&#8217;re going to have to embrace satellite as an additional technology form,&#8221; Mupita said in a media call.



He said South Africa-based MTN was carrying out proof of concepts with a number of LEO satellite operators for possible partnerships.



&#8220;We are exploring several, and actually some of them we&#8217;re happy to be resellers through our enterprise business to some of our customers in specific countries,&#8221; Mupita said.



MTN is not alone in seeking out partnership agreements. Smaller rival Cell C is doing the same.



South Africa&#8217;s biggest operator Vodacom, majority owned by Britain&#8217;s Vodafone, announced a partnership with Amazon&#8217;s Project Kuiper LEO satellite last year.



&#8220;We&#8217;re very aware of the challenges of having to compete as a fixed and wireless operator with LEO satellites over time, so we&#8217;re arranging ourselves to be able to sure proof our businesses in our key markets,&#8221; Mupita said.



Starlink operates in several African countries but has faced regulatory challenges in others, including South Africa, and resistance from state telecoms companies.



South African regulator ICASA is currently working on the regulatory and licensing framework for satellite-internet providers to provide clear rules for operators.



&#8220;LEO operators should be treated the same as terrestrial operators such as ourselves, subjected to the same regulatory requirements whether it&#8217;s around data privacy, data transport, localization and access to spectrum,&#8221; Mupita said.



&#8220;Our ask is that there just be a level playing ground.&#8221;



(Reporting by Nqobile Dludla; Editing by Joe Bavier and Mark Potter)

South Africa

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South African pension withdrawals since reform up to $1.9 billion

South African Markets – Factors to watch on Nov 19

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South Africa

South African Markets -Factors to watch on Nov 29

South Africa takes G20 helm as polarisation complicates agenda

South African retailer Boxer’s shares jump 16% on market debut

South Africa’s financial stability outlook improves, central bank says

South African rand stable ahead of producer inflation data and central bank review

Takealot boosts logistics with new distribution centre in South Africa’s Durban

S.Africa opposition seeks to revive impeachment proceedings against Ramaphosa

South Africa’s Pick n Pay raises $471 mln in Boxer IPO

South African central bank trims key rate but stresses tough backdrop

South African Markets – Factors to watch on Nov 21

Southern African bloc extends troop deployment in Congo by a year

South African inflation drops to lowest since June 2020

South Africa will focus G20 presidency on inclusive growth, food security

South African pension withdrawals since reform up to $1.9 billion

South African Markets – Factors to watch on Nov 19

South African rand softens as market awaits inflation print, rate decision

South Africa’s MTN exploring partnerships with satellite-internet providers

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