
<p>JOHANNESBURG (Reuters) &#8211; South Africa’s rand held steady in early trade on Friday as a pause in the global selloff of risk assets, triggered by panic over the coronavirus and tumbling oil prices, gave investors a chance to reassess positions ahead of the weekend.  </p>



<p>As of 0645 GMT, the rand was 0.69% firmer at 16.4500 per dollar, compared with Thursday’s session-low of 16.6150.  </p>



<p>The mood in financial markets improved somewhat on Friday, with Asian equities staging a recovery and U.S. stocks futures pointing to a firmer start on Wall Street as attention turned to a U.S. stimulus package.  </p>



<p>The turnaround came after assets across the developed and emerging markets saw record sell-offs on Thursday as investors scrambled for safe-havens even after the European Central Bank announced stimulus measures to fight the economic fallout from the coronavirus outbreak. </p>



<p>Locally, stocks recorded their worst single-day fall in more than 22-years in the previous session, bonds saw their biggest selloff on record, and the rand hovered around the 16.50 mark, a level seen as a bearish technical gauge, especially with dollar back in vogue. </p>



<p>The U.S. Federal Reserve’s move to pump $1.5 trillion of liquidity into the banking system quickened the flight to the greenback, but Friday was likely to see some profit-taking, traders said. </p>



<p>“The rand has managed to make back some modest ground in early trade. Whether or not this can be sustained will depend on how risk conditions hold up as the markets remain fixated on coronavirus headlines,” economists at ETM Analytics said in a note.  </p>



<p>Bonds remained on the ropes with the yield on the government issued 2030 paper up 6 basis points at 9.855%. </p>



<p>(Reporting by Mfuneko Toyana; Editing by Aditya Soni)</p>



<p>This article was fisrt published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN210102-OZABS">https://af.reuters.com/article/investingNews/idAFKBN210102-OZABS</a> and is republished with its permission.</p>


South Africa’s rand steady as coronavirus-induced sell-off pauses


<p>JOHANNESBURG (Reuters) &#8211; Shares in South African petrochemicals group Sasol surged nearly 30% on Friday as a recovery in oil prices sparked buying of the stock, which was pummelled in the previous session.  </p>



<p>Brent crude prices rose over 3% on Friday after falling more than 7% the day before, a drop which helped send Sasol shares to a 21-year low. </p>



<p>“It does look like it was over down around 30 rand. Perhaps some opportunistic buyers are looking to get in at these low prices,” said Nilan Morar, trader at GT247. </p>



<p>By 0808 GMT shares in Sasol were up 20.9% to 45.01 rand after hitting a high of 55.84 rand earlier in the session.  </p>



<p>(Reporting by Tanisha Heiberg; Editing by Jan Harvey)</p>



<p>This artcile was frst published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21010K-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21010K-OZABS</a> and is republished with its permission.</p>


Shares in Sasol jump nearly 30% as oil price recovery sparks buying

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<p>Exarro has reported a 13 per cent increase in its headline earnings from its equity investments. The mining company&#8217;s group revenue went up 1 per cent to almost R26 billion. Joining CNBC Africa to unpack the numbers is Riaan Koppeschaar, Executive Director, Exxaro.</p>


Exxaro gets 13% profit boost from iron ore interests

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<p>Author banker and former South African Intelligence head Moe Shaik talks to CNBC Africa’s Chris Bishop about his new book – The ANC Spy Bible – a tome full of catharsis and questions about the future of intelligence and personal freedom&#8230;.</p>


Chris Bishop in conversation with former SA Intelligence boss Moe Shaik

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<p>President Cyril Ramaphosa has released the PIC report and CNBC Africa&#8217;s Kopano Gumbi unpacks the key highlights.</p>


PIC report: Board essentially was a rubber stamp for the decisions driven by Matjila


<p>JOHANNESBURG (Reuters) &#8211; Nationwide power cuts across South Africa of up to 4,000 megawatts will last indefinitely, state power firm Eskom said on Thursday, as repairs take longer than anticipated. </p>



<p>Eskom had said on Wednesday the outages would last only until Friday. </p>



<p>The latest blackouts, referred to locally as loadshedding, were triggered by breakdowns this week at a score of generating units, including at Koeberg nuclear plant in Cape Town. </p>



<p>“Due to a shortage of generation capacity resulting from unplanned breakdowns, Eskom will continue implementing Stage 4  loadshedding until further notice. We expect that loadshedding,  at various stages, may continue into the weekend,” Eskom said in a statement. </p>



<p>“The pump fault on Koeberg Unit 1 is being fixed, and it is envisaged that the unit will be back in service at the weekend. In the meantime, we continue utilising emergency generation reserves, including diesel, to supplement supply,” Eskom said. </p>



<p>Eskom has been battling repeated problems with its coal-fired power stations, prompting power cuts and dragging the economy into its second recession in as many years. </p>



<p>Mining and manufacturing data due later on Thursday are expected to reflect the impact of unreliable power supply.  </p>



<p>(Reporting by Mfuneko Toyana; editing by Jason Neely)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN20Z0XP-OZABS">https://af.reuters.com/article/investingNews/idAFKBN20Z0XP-OZABS</a> and is republished with its permission.</p>


Eskom says power cuts to last indefinitely

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The RMB/BER Business Confidence Index has hit a 21 year low with a decrease of eight points to 18 in the first quarter of 2020. The drop in the index could prevail in the course of the year due to the global economic slowdown hit by the Coronavirus. Joining CNBC Africa for more is Mpho Molopyane, Economist at RMB.</p>


RMB/BER Business Confidence Index hits 21-year low

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South African mobile users have been campaigning that data must fall for almost four years now and finally the competition commission has taken action. Vodacom will be cutting data prices by over 30 per cent saving consumers a total of R2.7 billion but what about the billions Vodacom has been making in the past? CNBC Africa&#8217;s Karabo Letlhatlha spoke to Competition Commissioner, Tembinkosi Bonakele for more.</p>


Did Vodacom get away with a slap on the wrist on data prices

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<p>Global markets are in the red and the rand tanks on the back of the oil price war between Saudi Arabia and Russia as well as the developments of the Covid-19 virus. Joining CNBC Africa for more is Han Tan, Market Analyst at FXTM and Andre Cilliers, Currency Risk Specialist and Director at TreasuryONE&#8230;.</p>


Global markets tumble on oil price war

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Imperial, has partnered with venture capital firm Newtown Partners to launch a corporate venture capital fund who is looking into disruptive start-ups in the logistics industry, they have introduced an initial investment of $20 million. Joining CNBC Africa for more is Mohammed Akoojee, CEO of Imperial and Llew Claasen, Co-Founder and Managing Partner of Newtown Partners.</p>


Imperial

Imperial, Newtown Partners team up to fund start-ups in the logistics industry

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Gauteng Premier David Makhura addressed the importance of sports and in particular football at the recent State of the Province Address.</p>


#GPBudget2020: Here’s how Gauteng plans to identify talent at a young age in sports

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At the Gauteng Provincial Budget speech held yesterday, Gauteng MEC for finance Nomantu Nkomo-Ralehoko Allocated resources in support of the Growing Gauteng Together plan. CNBC Africa’s Karabo Letlhatlha caught up with Anton Alberts the Freedom Front Plus Chairperson and Leader in the Gauteng Legislature about his review of the provincial budget.</p>


#GPBudget2020: Freedom Front Plus reacts to MEC Nkomo-Ralehoko’s budget speech

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Gauteng MEC for Finance Nomantu Nkomo-Ralehoko allocated R157 million in support of the Taxi Industry at the Provincial Budget speech held yesterday. CNBC Africa’s Karabo Letlhatlha caught up with MEC for Public Transport and Roads Infrastructure, Jacob Mamabolo on how this money will be used.</p>


#GPBudget2020: MEC Nkomo-Ralehoko allocates R157mn towards integration of Gauteng’s transport industry

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In the last few hours the news that many people feared has broken. Coronavirus is in South Africa. This was the word from the South African government this afternoon and it is likely to send a shudder down the spine of business in Sub-Saharan Africa. This came just days after a case was reported in Nigeria. On the eve of the outbreak the Premier of KZN Sihle Zikalala told CNBC Africa that his province was ready to fight the virus.</p>


Sihle Zikalala: KwaZulu-Natal ready to combat COVID-19

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The rand weakened on the back of news that South Africa has slipped into a technical recession. According to Stats SA, the country&#8217;s GDP has contracted by 1.4 per cent in the fourth quarter of 2019. However, according to Citadel South Africa has been in recession since 2013 in terms of per capita growth, owing to the country’s inability to achieve growth of above 1 per cent or at levels above our population growth, which is currently 1.4 per cent. Joining CNBC Africa to discuss what this means for South Africa is Daniel Silke, Political Economy Analyst and Duma Gqubule, Director for the Centre for Economic Development and Transformation.</p>


How to end SA’s recession


<p>PRETORIA, March 3 (Reuters) &#8211; South Africa entered its second recession in two years in the final quarter of last year, as agriculture, transport and construction contracted, data showed on Tuesday.</p>



<p>Statistics South Africa (Stats SA) said the economy shrank 1.4% in the fourth quarter, following a revised 0.8% contraction in the third quarter.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="761" height="576" src="https://www.cnbcafrica.com/wp-content/uploads/2020/03/GDP.jpg" alt="" class="wp-image-361745" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GDP.jpg 761w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GDP-300x227.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GDP-80x60.jpg 80w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GDP-696x527.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/GDP-555x420.jpg 555w" sizes="auto, (max-width: 761px) 100vw, 761px" /></figure>



<p>Economists polled by Reuters had predicted a contraction of 0.1% in quarter-on-quarter and seasonally adjusted terms.</p>





<p>&#8220;The economy is in recession again. That is two consecutive quarters of contraction, after being in recession in the first two quarters of 2018,&#8221; Joe de Beer, Stats SA&#8217;s deputy director-general for economic statistics, told reporters.</p>



<p>On a quarter-on-quarter basis, agriculture declined 7.6%, transport 7.2%, construction 5.9%, electricity 4% and retail 3.8%, the data showed.</p>



<p>Gross domestic product overall shrank 0.5% year-on-year in the fourth quarter after expanding 0.1% the quarter before. The economy expanded 0.2% in the 2019 calendar year compared with 0.8% in 2018.</p>



<p>South Africa has struggled to emerge from an economic slump in the two years since Cyril Ramaphosa became president, promising sweeping reforms.</p>



<p>The Treasury has cut 2020 economic growth forecast to 0.9%. </p>



<p>(Reporting by Mfuneko Toyana and Tumelo Modiba; writing by Olivia Kumwenda-Mtambo; editing by Larry King)</p>


South African economy enters recession, what you need to know

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Futuregrowth claims the JSE has backtracked on previous agreements made between the parties when it comes to bond market reforms. CNBC Africa spoke to Olga Constantatos, Futuregrowth&#8217;s head of credit for more.</p>


Southern Africa

South Africa’s rand steady as coronavirus-induced sell-off pauses

Shares in Sasol jump nearly 30% as oil price recovery sparks buying

Exxaro gets 13% profit boost from iron ore interests

Chris Bishop in conversation with former SA Intelligence boss Moe Shaik

PIC report: Board essentially was a rubber stamp for the decisions driven by Matjila

Eskom says power cuts to last indefinitely

RMB/BER Business Confidence Index hits 21-year low

Did Vodacom get away with a slap on the wrist on data prices

Global markets tumble on oil price war

Imperial, Newtown Partners team up to fund start-ups in the logistics industry

#GPBudget2020: Here’s how Gauteng plans to identify talent at a young age in sports

#GPBudget2020: Freedom Front Plus reacts to MEC Nkomo-Ralehoko’s budget speech

#GPBudget2020: MEC Nkomo-Ralehoko allocates R157mn towards integration of Gauteng’s transport industry

Sihle Zikalala: KwaZulu-Natal ready to combat COVID-19

How to end SA’s recession

South African economy enters recession, what you need to know

Why Futuregrowth has beef with the JSE over bond reforms

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Advertise With Us

Southern Africa

South Africa’s rand steady as coronavirus-induced sell-off pauses

Shares in Sasol jump nearly 30% as oil price recovery sparks buying

Exxaro gets 13% profit boost from iron ore interests

Chris Bishop in conversation with former SA Intelligence boss Moe Shaik

PIC report: Board essentially was a rubber stamp for the decisions driven by Matjila

Eskom says power cuts to last indefinitely

RMB/BER Business Confidence Index hits 21-year low

Did Vodacom get away with a slap on the wrist on data prices

Global markets tumble on oil price war

Imperial, Newtown Partners team up to fund start-ups in the logistics industry

#GPBudget2020: Here’s how Gauteng plans to identify talent at a young age in sports

#GPBudget2020: Freedom Front Plus reacts to MEC Nkomo-Ralehoko’s budget speech

#GPBudget2020: MEC Nkomo-Ralehoko allocates R157mn towards integration of Gauteng’s transport industry

Sihle Zikalala: KwaZulu-Natal ready to combat COVID-19

How to end SA’s recession

South African economy enters recession, what you need to know

Why Futuregrowth has beef with the JSE over bond reforms

News Tips

Advertise With Us

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