How Soon After Putting Money Into Stocks Can I Withdraw Them

24 November 16:51

Rand slumps towards R16/$ as dollar rallies

The rand was trading at R15.96/$ - its weakest level in more than a year - on Wednesday afternoon, as the dollar rallied.

The US currency received a boost from the news that applications for US state unemployment benefits plunged last week to a level not seen since 1969.

Initial unemployment claims in regular state programmes fell by 71 000 to a seasonally adjusted 199 000 in the week ended November 20, Labour Department data showed Wednesday. The median estimate in a Bloomberg survey of economists called for 260 000 applications.

If claims are sustained at around pre-pandemic levels, it would likely increase the chances that Federal Reserve officials accelerate their tapering of bond purchases and contemplate raising interest rates soon after that buying finishes in 2022. The data follow reports showing the fastest inflation in three decades and a pickup in job gains in October.

The prospect of higher interest rates and a stronger US economy bolstered the dollar.

This weighed on the rand, along with continuing concerns about emerging markets. The Turkish lira has lost around 35% of its value in the last month as that country's central bank – under pressure from its President Recep Tayyip Erdogan – lowered interest rates.

Andre Cilliers, currency strategist at TreasuryONE, said there is risk aversion in the markets, with emerging currencies still on the back foot as capital outflows continue and amid a rush to safe-havens.

"The contagion spill-over effect from Turkey and the rampant dollar remain the key drivers (of the rand)," Cilliers said.

The rand was also weaker against the pound (R21.27) and euro (R17.88).

- Bloomberg, with additional reporting by Fin24

24 November 16:30

South African financial cycle positive for first time since 2016

South Africa's financial cycle shifted to an upward phase for the first time in five years.

The measure of variables including growth in loans to the private sector, real-estate and equity prices, turned positive in the second quarter, the South African Reserve Bank said Wednesday in its financial stability review."

Conditions in financial markets are broadly stable, and large financial institutions have maintained sizable solvency and liquidity buffers," the central bank said. "Both equity and house prices have moved above their trend levels, which lifted the financial cycle into an upward phase."

- Bloomberg

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24 November 16:02

California-based Capital Group, which manage $2.6 trillion in assets, has bought 5% of Discovery on behalf of its clients.
— Nick Hedley (@nickhedley) November 24, 2021

24 November 16:02

Good news for the #economy:
Weekly initial jobless claims for the US came in at 199,000--the lowest since 1969 and comfortably better than the median forecast of 260,000.
The big question for the labor market remains the scope for increasing labor force participation.#employment pic.twitter.com/bYfh084iEU
— Mohamed A. El-Erian (@elerianm) November 24, 2021

24 November 15:57

$JSEAVI is down 6.4% after saying that $MDLZ is only looking to buy its Snackworks business. I think the market was hoping they would take out the whole thing - or at least all the food assets. IDK why: Snackworks makes sense for MDLZ, no reason for them to buy Spitz.
— Chantal Marx (@chantal_marx) November 24, 2021

24 November 15:57

Unfavourable weather hits Crookes Brothers

Unfavourable regional weather negatively impacted yields from sugar cane and bananas reported by Crookes Brothers over the six months until the end of September 2021.

The southern African company has agricultural operations in the KwaZulu-Natal, Mpumalanga and the Western Cape, as well as in Swaziland, Zambia and Mozambique.

Sugar cane and hanging macadamia nuts represented R53.2 million of the group's reduction in operating profit compared to the previous interim period. An industry-wide reduction in bunch mass arising from the unfavourable weather may, however, impact favourably on banana prices due to less fruit being available in the open market.

Over the interim period the group's revenue increased by 9% to R448 million. Profit declined by 62% to R17.5 million and the headline loss per share was 51.2 cents compared to headline earnings of R1.51 per share in the interim period last year. Mindful of the need to conserve cash, the board has decided not to declare an interim dividend.

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24 November 15:19

Tsogo Sun Hotels still at only 50% of rooms occupied prior to pandemic

Tsogo Sun Hotels released its unaudited interim results for the six months to the end of September. It says occupancies and rooms sold are still far below pre-pandemic levels. No interim cash dividend was declared.

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24 November 15:18

Oreo owner Mondelez wants to buy SA's Bakers and Provita, AVI confirms

On Wednesday, local food group AVI confirmed that it is in talks with American giant Mondelez to sell its biscuit business. In a statement on Wednesday, AVI said that "it has progressed discussions with Mondelez" regarding the potential acquisition of its Snackworks division. The division includes biscuit makers Bakers, Baumann's, Pyotts and Provita.

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24 November 15:08

Load shedding, steel strike hit fourth quarter business confidence

Business confidence remained flat in the fourth quarter at 43 points, according to the RMB/BER Business Confidence Index.

After confidence levels took a knock from 50 to 43 in the third quarter - mainly due to the third wave of Covid-19 infections, the unrest in KwaZulu-Natal and Gauteng, as well as transport delays, shortages of inputs and insufficient stocks - there was no improvement in the fourth quarter.

This as new shocks such as load shedding and a steel sector strike by the National Union of Metal Workers of South Africa (Numsa), keep sentiment in the doldrums. "On top of that, existing supply chain disruptions and stock shortages have intensified," the report read.

All sectors registered declines in confidence, except the building sector which lifted from 18 to 30. "… It's unsure how long the improvement in overall building confidence will last; the non-residential property market continues to suffer from oversupply, while the boost from unrest-related re-building will likely prove temporary," the report read.

Retail confidence levels dipped marginally from 56 to 52 points. Wholesale confidence dipped from 55 to 53. These are the only two sectors which registered confidence levels above the 50-neutral mark.

Manufacturing confidence declined from 41 to 38. "Sales improved noticeably after the third quarter disruptions, but a string of factors dampened confidence, ranging from a struggle to source enough crucial inputs timeously, production disruptions due to the Numsa strike and load-shedding, to escalating cost increases owing to higher prices of raw materials, increased transport costs and additional expenses related to load-shedding," the report read.

New vehicle trade confidence dropped from 47 to 41 - new vehicle dealers suffered from insufficient stocks which affected the number of units sold.

24 November 11:30

De Beers sales dip amid Diwali shutdown

De Beers diamond sales softened, with $430 million sold in the latest sales cycle of 2021, as Indian cutting factories closed over the Diwali festival.

The sales numbers as released by Anglo American, De Beers' parent company, were lower than the $492 million in sales achieved in the previous sales cycle and $462 million in the comparative period in 2020.

Bruce Cleaver, De Beers Group CEO, said sentiment continues to be positive on the back of strong demand for diamond jewellery from US consumers.

The lower rough diamonds sales were in line with expectations given the normal pattern of cutting factory closures in India during the Diwali festival.

De Beers anticipates rough diamond demand will also be affected by the Christmas holiday closure of cutting factories in Southern Africa, "but we expect to see positive industry conditions prevailing into the new year in light of the healthy outlook for the key retail selling season," Cleaver said.

- Lisa Steyn

24 November 10:49

Lewis sees strong sales growth, despite the July unrest impact

Furniture and appliance retailer Lewis Group has seen strong sales growth in the six months ended 30 September 2021, despite the impact of the July unrest.

In its results, released on Wednesday, Lewis said its revenue increased by 12% to R3.4 billion with merchandise sales up almost 21% to R2 billion.

Its operating profit climbed by 23% to R341 million and headline earnings per share grew almost 40% to 330 cents.

The unrest that took place in KwaZulu-Natal and Gauteng in July, resulted in 57 of the group's stores being damaged and looted. The retailer reopened 51 of the stores by 30 September.

Lewis claimed about R78.8 million from the South African Special Risk Insurance Association. The group estimates that it lost sales of about R38.6 million in the half-year, due to the unrest.

24 November 10:18

Absa fires Sipho Pityana from board

Absa has fired Sipho Pityana as a director after the businessman failed to convince the board that his actions are not harming the bank.

On Tuesday, the board invited Pityana to address "allegations that he had neglected or had been derelict in the performance of his functions as a director of the boards and had failed to conduct himself in the interests of Absa".

But following his presentation, directors still found that Pityana pursued his own personal interests to the detriment of Absa and "thereby created a material and sustained conflict between his interests and those of Absa".

"While the boards respect Mr Pityana's individual right to administrative fairness, unfortunately in this matter, the boards concluded that the pursuit of his personal interest at the cost of the group's interest created a sustained and irresoluble conflict. Absa has a duty to its stakeholders to put the group's interest before individual interests."

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24 November 07:33

Asian markets fall again on inflation fear as oil prices extend gains

Asian markets fell Wednesday as investors extended a run of weakness, with inflation worries and expectations of tighter central bank monetary policy the centre of attention.

Oil rose further the day after racking up big gains in reaction to news that the United States and other countries would release less from their stockpiles than expected, dealing a blow to hopes of tempering a price surge that has been key to the spike in inflation.

The announcement from Washington, which President Joe Biden said was in conjunction with China, India, Japan, South Korea and Britain had been flagged well in advance, which analysts said had been part of the reason for a dip in the crude market in recent weeks.

Brent surged more than three percent and WTI more than two percent Tuesday and the buying carried on in Asian trade, with concern now building that OPEC and other major producers will rethink their plan to slowly reopen the taps.

"The release, widely expected, is the proverbial drop in a bucket... and might just lead OPEC+ producers to scale back a bit on what they were planning to pump," said National Australia Bank's Ray Attrill.

The rise in oil prices added to concerns that inflation -- already at multi-year highs -- will continue to rise, putting further pressure on banks to scale back the easy money policies put in place at the start of the pandemic and crucial to an 18-month market rally.

The New Zealand central bank on Wednesday lifted its rates for a second successive month.

But all eyes are on the Federal Reserve, which some observers have said could taper its bond-buying programme quicker than first flagged and hike interest rates next year.

"For quite a while now that extra liquidity hasn't been going into the economy, it has been going more into the markets," Matt Maley, of Miller Tabak + Co, told Bloomberg Television.

"The Fed is going to start pulling back on that."

Minutes from the Fed's November policy meeting will be pored over when they are released later in the day for an idea about officials' thinking. Economic growth and jobless claims will also be unveiled along with a closely followed reading on consumer sentiment.

Investors are also keeping a wary eye on developments in Europe, where several countries have introduced strict containment measures to fight a resurgence of Covid, with Austria returning to a partial lockdown and some fearing Germany, the continent's biggest economy, will follow suit.

On currency markets the Turkish lira remained wedged close to all-time lows against the dollar after Recep Tayyip Erdogan dug in on his decision to pressure the central bank last Thursday to cut interest rates, despite soaring inflation.

The president is notorious for his unorthodox belief that high interest rates cause inflation instead of helping tamp it down.

AFP

23 November 16:33

HCI back in the black

In a trading update for the six months to end-September, HCI said it expects headline earnings per share of between 250.2 cents and 300.5 cents, as compared to a headline loss per share of 503.4 cents for the prior comparative period.

HCI has stakes in Tsogo Sun, eMedia (owner of eTV) and various other businesses.

23 November 16:32

Coronation's profit up 22%

Coronation Fund Managers increased its revenue for the year to end-September by 17.1% to R4.263 billion, with headline earnings per share up 22.4% to 487.9 cents per share, from 398.5 cents.

23 November 12:40

Momentum's operating profit falls by 63% due to death claims

Momentum Metropolitan Holdings' (MMH) group operating profit fell by 63% in the three months to the end of September, due to a proliferation of death claims.

In said in its operational update for the three months that the 63% decline in operating profit from R915 million to R338 million was largely attributable to net mortality losses of R327 million, "after taking into account the release of R1 billion of existing Covid-19 provisions."

"When we exclude the net mortality losses and fair value gains that are by nature unpredictable, the group delivered a result within our guided range of underlying quarterly normalised headline earnings of R800 million to R900 million," it said.

MMH delivered R711 million of normalised headline earnings for the quarter, 32% lower than the comparative period in the previous financial year.

"This is a satisfactory result given the significant impact of Covid-19 related mortality losses included in this quarterly result," MMH said.

23 November 12:27

Kropz's Elandsfontein project on track

Kropz's Elandsfontein project remains on track for commissioning in December 2021 with the first ore exports expected in the first three months of next year, the African phosphate developer said.

In a statement on Tuesday, Kropz said the project was on budget and on schedule despite the disruption of the Covid-19 pandemic.

Pre-commissioning activities are now advancing well, it said.

State-owned logistics company, Transnet, and Kropz are currently finalising an access agreement to support the long-term export of Elandsfontein's phosphate rock through the port of Saldanha.

Kropz said the possibility of a fourth wave of Covid-19 infections in South Africa remains a risk to the project schedule.

23 November 11:45

Northam is officially the largest shareholder of Royal Bafokeng Platinum

Northam Platinum is officially the largest shareholder of Royal Bafokeng Platinum (RBPlat) after it successfully acquired a 32.5% stake in the miner.

The deal, valued at around R17.2 billion for part of Royal Bafokeng Holdings' (RBH) stake in the RBPlat, also includes an option for Northam to acquire 0.58% more.

RBH on the other hand still has the 0.58%, plus a 2.7% shareholding interest held through Emikaway, one of its subsidiaries.

Northam's share price fell by nearly 2.5% in morning trade, while RBPlat dropped by 0.7%.

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23 November 08:38

Rand at its weakest level in months amid dollar surge

The rand weakened to R15.85/$ on Tuesday morning, as the US dollar rallied. As recently as last month, the rand traded at R14.70/$.

The US currency extended gains as investors bet on a quicker pace of monetary tightening by the Federal Reserve after Jerome Powell was nominated to serve a second term as boss and said his goal was to tame the recent spike in inflation.

While Powell was widely expected to get the nod from Joe Biden to continue to head the central bank, the news saw all three main Wall Street indexes drop from intra-day highs, with the Nasdaq ending down more than one percent owing to tech firms' susceptibility to higher interest rates.

Surging prices - caused by a pick-up in demand, high energy costs and supply issues among other things - have forced several countries to lift borrowing costs and move away from the ultra-easy measures put in place at the start of the pandemic.

The Fed has yet to move, instead just this month starting to taper its bond-buying programme, but expectations are for it to raise rates from the middle of next year, with some observers predicting another two before 2023.

After being nominated by Biden, Powell pledged to use "our tools to support the economy and a strong labour market and to prevent higher inflation from becoming entrenched".

The dollar also held on to the strong rally it enjoyed Monday, rising above the 115-yen level for the first time since 2017, while it was close to a one-year high versus sterling.

The greenback was also up against a range of other currencies, including the Australian and New Zealand dollars, South Korean won and Indonesian rupiah.

The rand was last trading at R17.81/€ and R21.22/£.

22 November 18:37

PPC posts stronger cement sales

In its results for the six months to end-September, PPC reported a 20% revenue increase to R5.1 billion.

Revenue was 25% higher than in the same period of 2019.

The company posts basic headline earnings of 55 cents a share, compared to 30c in the previous year.

PPC did not declare a dividend for the current or previous period.

Its gross debt declined to R2.3 billion, from R2.6 billion at the end of September.

"Group restructuring and refinancing project nears completion without the need for a capital raise," the company said.

PPC implemented price increases of between 4% to 8% year-on-year for the six months to end-September, that partially offset its input cost inflation of more than 9%.

PPC's share price gained a percent to 530c.

This article has been updated to correct PPC's price increases.

22 November 18:20

Global stocks diverge on Powell nomination, Europe Covid fears

US equities rose Monday as Federal Reserve chairman Jerome Powell was renominated for another term, but other stock markets wobbled as investors fretted over inflation and possible new pandemic lockdowns in Europe.

Stock prices on Wall Street opened higher after US President Joe Biden nominated Powell for a second four-year term.

The JSE's All Share Index was up 0.6%, with Barloworld up almost 8% after a special dividend was announced.

The rand was weaker at R15.75/$.

By mid-afternoon, stock prices in Paris gained 0.1 percent and prices in London were up 0.3 percent, while Frankfurt were showing a loss of 0.1 percent.

"There's been so much anxiety about inflation and interest rates that investors are clearly apprehensive about over-committing," said OANDA analyst Craig Erlam."

And that anxiety has been exacerbated by the prospect of lockdowns in Europe, following Austria's announcement on Friday," he said.

On Friday, Austria surprised the markets by returning to a partial lockdown, not just for the unvaccinated as had been previously planned.

In Germany, outgoing Chancellor Angela Merkel warned that the country's current Covid curbs - including barring the unvaccinated from certain public spaces - "are not enough".

"European stocks slipped as Angela Merkel fanned concerns over the fourth wave of Covid in Europe," said ThinkMarkets analyst Fawad Razaqzada.

"The fear among market participant (is) that fresh lockdowns could be introduced in other parts of Europe, making the road to recovery from the pandemic even bumpier and raising concerns over the efficacy of the vaccines," Razaqzada said."So, there is now a real possibility we may see at least a short-term correction, as investors wake up to the risks facing the eurozone economy, after the major stock indices hit repeated all-time highs in recent weeks."Analysts said Biden's decision to reappoint Powell as head of the Fed came as no real surprise.Appointed by Biden's Republican predecessor Donald Trump and taking office in 2018, Powell has led the Fed's response to the massive pandemic downturn, which saw it slash its lending rate to zero and roll out trillions of dollars in liquidity.

A wealthy Republican with no formal economics training, Powell nonetheless won Biden's support for a second term.

"With inflation still running well above the central bank's target, traders will now turn their eyes to the December Fed meeting and whether the central bank will accelerate its tapering pace," said Forex.com analyst Matt Weller."In any event, Powell's reappointment was always the market's 'base case' - though far from a done deal - so market movements have been relatively limited on the official announcement.

"Earlier, Asian stock markets finished mixed as investors mulled Europe's new containment measures alongside growing speculation of interest rate hikes to tame spiking inflation.

Oil was flat, regaining some of its earlier losses after major consumers including the United States considered releasing some of their reserves to keep a lid on prices, which have been a key reason for elevated inflation this year.

Crude had tumbled Friday on fears of adverse demand fallout from the fast-moving Covid crisis.

- AFP

22 November 18:13

Was discussing this very matter with board of fertiliser company $JSEOMN Omnia earlier

Good early supper rains esp in NW Province would spur fertiliser demand as planting season gets underway https://t.co/0GKLIx0Cr2

— Smalltalkdaily Research (@smalltalkdaily) November 22, 2021

22 November 16:14

Omnia more than doubles its half-year profit as its recovery continues

Chemicals manufacturer Omnia's profit after tax grew to R467 million, in the six months ended 30 September 2021, more than double its profit in the 2020 half year.

The group, which released its interim results on Monday, said its revenue increased by 31% to R9.9 billion, while its headline earnings per share grew more than 100% to 286 cents.

Omnia's performance comes on the back of a persistent global supply chain shortage. "The group's shift to an integrated Omnia supply chain approach was key to enhancing visibility and agility, enabling Omnia to respond swiftly to key raw material shortages," said CEO Seelan Gobalsamy.

By the end of its half year, Omnia was sitting on a R719 million cash pile, a recovery from R1.9 billion in debt in the 2020 half year. The group made a key disposal of its Oro Agri business in 2020, for about R2.4 billion, some of which went towards repaying its debt.

Last month, the chemicals manufacturer also said it was selling 81% of its stake in Umongo Petroleum and expects R1 billion from the divestment, which is set to conclude in the beginning of 2022.

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22 November 16:11

E-commerce and Tencent deliver growth for acquisition-hungry Prosus

E-commerce was one of the significant revenue drivers for Prosus in the first half of the year, as the company's other money spinner, Tencent, continued to deliver positive returns, financial statements released on Monday showed.

Prosus, which owns all of Naspers' international internet assets, raised group revenue 31% to $16.6 billion (R261.3 billion), with ecommerce growing by 60% to $4.2 billion.

CEO Bob van Dijk said the e-commerce business had kept the growth momentum which accelerated under the lockdown, as consumers move online. The company said its diverse ecommerce portfolio had "grown significantly in value" with its valuation now approaching $50 billion.

Analysts had five years ago valued it around $13 billion, excluding Tencent."Tencent remains a meaningful contributor to our cash flow via a stable and increasing dividend stream"

Dividends from Tencent of $571 million, from $458 million in the full 2021 financial year, and the contribution offset the increased capital investment in online retail and additional working capital requirements in the online retail and Classifieds segments.

This year, Prosus sold 2% of its issued share capital in the Chinese tech giant, in a transaction that generated $14.6 billion.

Its holding in the business currently stands at 28.9%."We have been investors in Tencent for over 20 years, with the only prior disposal being 2% in 2018. In both cases, proceeds were used to fund our strategic ambitions.

Tencent's contribution to the group's trading profit improved 14%, up from 13%.

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22 November 16:08

Barloworld's share price soars after special dividend

Industrial group Barloworld's share price surged past the 8% mark on Monday morning, after the release of its results for the year ended 30 September 2021.

The company declared a special dividend of 1 150 cents per share, while issuing an ordinary final dividend of 300 cents per share.

The group's revenue from continuing operations grew by 22.5% to R41.6 billion, with R6.6 billion of that coming from new businesses, Equipment Mongolia and Ingrain, which it acquired in 2020. Operating from continuing operations increased by 119% to R4.3 billion. The group's basic earnings per share improved from a loss of 1 236 cents in 2020, back into positive territory with 1 391 cents. Its headline earnings per share grew to 1 195 cents from a loss of 268 cents.

22 November 10:29

Netcare doubles its profit despite Covid costs

Netcare increased its revenue by 11.5% to R21 billion in the year to end-September, from R18.8 billion, while its headline earnings per share rose by 107.4% to 67.4 cents from 32.5 cents in 2020.

The private hospital group estimates that its Covid-19 related loss shrank from R2.3 billion, in 2020 to R1.5 billion in the year ended 30 September 2021. Netcare has been impacted by the pandemic since the first wave, due to postponed elective surgeries and patients staying away from hospitals out of fear of contracting Covid-19.

"In addition to absorbing lower activity levels throughout the pandemic, the group also incurred Covid-19 related costs of approximately R521 million in FY 2021," said the group.

About 80% of the costs went towards comprise personal protective equipment for staff and patients. After suspending its interim and final dividends in 2020, it has since reinstated the final dividend, with a payment of 34 cents per share.

22 November 07:10

Asian markets drop on fears of renewed Covid-19 surge in Europe

Asian markets mostly fell Monday with fears about renewed containment measures to battle a surge in European Covid cases adding to growing speculation that central banks will have to tighten monetary policy quicker to tame a spike in inflation.

Oil extended losses as major consumers including the United States considered releasing some of their reserves to keep a lid on prices, which have been a key reason for the jump in inflation this year.

While the Nasdaq ended at a new record above 16,000 for the first time, the S&P 500, Dow and European markets provided a negative lead after Austria said it would reintroduce lockdowns -- and make vaccination mandatory from February -- to fight a worrying jump in new infections.

Other countries including Germany, Slovakia, the Czech Republic and Belgium were also bringing in measures.

"This of course is not just an Austrian story, Covid infections are rising at an alarming rate around Europe with other EU governments also introducing restrictions with the risk that they may also need to follow Austria's drastic measures," said National Australia Bank's Rodrigo Catril.

The announcements added to the downbeat mood on trading floors with investors expecting central banks to continue winding back the ultra-loose monetary policies put in place at the start of the pandemic and which have been crucial to the global recovery.

Top Federal Reserve officials have indicated they would like to see the bank bring its vast bond-buying programme -- known as quantitative easing -- to an end quicker than earlier flagged, in order to fight inflation at a three-decade high.

"What we are likely to see this week is more Fed members socialising that idea of a more rapid QE taper," Jason Schenker, at Prestige Economics, told Bloomberg Television.

"If that idea gets out there and is repeatedly underscored, that will increase the probability that the tapering that's announced in December will be quicker than the pace that was announced early in November.

"In early trade, Tokyo, Hong Kong, Sydney, Wellington, Taipei, Manila and Jakarta were all down, though there were gains in Seoul and Singapore.

Shanghai also rose as analysts speculate that the central People's Bank of China could unveil some easing measures to kickstart growth in the world's number two economy, despite a surge in prices in the country.

On oil markets, both main contracts fell again -- having tumbled Friday on new Covid fears -- as the United States, China and Japan weighed plans to tap their own stockpiles to help battle inflation.

The discussions come after WTI crude last month hit a seven-year high above $80 on rising demand and limited supplies.

AFP

19 November 17:47

Oil price slumps amid concerns over new Covid lockdowns

US and European stock markets fell Friday and the euro slumped as Austria announced a new strict lockdown to try to curb surging Covid cases, triggering heavy losses for oil prices.

The lockdown in Austria will begin Monday and vaccination against Covid-19 in the eurozone country will become mandatory from February, said Chancellor Alexander Schallenberg.

European stocks "turned red... as a new lockdown in Austria and the prospect of similar action in Germany wiped out earlier gains", said Craig Erlam, senior market analyst at Oanda trading group.

The JSE's All-Share Index was down 0.7%, while the rand was last at R15.69/$ - after slumping to R15.75 on Thursday.

Wall Street followed Europe down as the Dow Jones and the tech-heavy Nasdaq were off around a half-percent in early trading.

Fawad Razaqzada, market analyst at ThinkMarkets, warned of a "short-term correction as investors wake up to the risks facing the eurozone economy," despite the prospect of a weaker euro boosting exports.

"It is not necessarily about Austria, but concerns that similar lockdown measures might be introduced to other parts of Europe (which) has weighed on sentiment today," he added.

Oil prices tumbled, with the benchmark Brent North Sea oil contract falling by 2.6 percent to just under $80 per barrel.Earlier, Asian stock markets mostly closed higher, but Chinese e-commerce titan Alibaba plunged by more than 10 percent after warning of a weaker outlook following China's crackdown on the tech sector and slowing growth in the world's second-biggest economy.

With Alibaba a big player on Hong Kong's Hang Seng Index, the market dropped more than one percent.

Other tech firms including Tencent and XD suffered smaller losses.

Other major Asian indices ended the week higher, Tokyo up as the government announced plans to inject $490 billion into the Japanese economy to kickstart recovery from the pandemic.

Traders had been given a positive lead from Wall Street overnight, where the S&P 500 and Nasdaq indices ended at record highs.

Focus remains on surging inflation that is expected to push central banks like the Bank of England (BoE) and Federal Reserve to raise interest rates sooner than had been expected.

Data this month have shown prices rising at levels not seen for three decades in the United States, 18 years in Canada and 10 years in Britain owing to soaring energy costs and global supply chain snarls.

Finance chiefs in some countries including South Korea and New Zealand have already hiked interest rates, while the Fed has announced plans to wind down its vast cash stimulus programme.

It is now facing increasing pressure to raise borrowing costs as soon as mid-2022, while the Bank of England is forecast to tighten its main interest rate as early as next month.

- AFP

19 November 10:50

Rand gains ground after losses due to 'dovish' rate hike, Turkish turbulence

After weakening to R15.75/$ on Thursday in the wake of a "dovish" interest rate hike in South Africa, as well as emerging market turmoil, the rand recovered to around R15.61 on Friday morning.

The SA Reserve Bank (SARB) raised the repo rate by 25 basis points to 3.75% amid rising inflation in South Africa.

"However, the SARB's outlook is still relatively dovish, and this appears to have disappointed markets, which, along with the contagion from the rate cut in Turkey, saw the rand come under pressure," says André Cilliers, currency strategist at TreasuryONE.

On Thursday, the Turkish lira slumped to a new record low after the central bank cut interest rates for a third straight month.

19 November 10:33

Product recall, KZN unrest hit Tiger Brands profit

A recall of its canned vegetables and the July unrest put a damper on Tiger Brands annual performance.

In July, Tiger Brands recalled 20 million KOO and Hugo canned vegetable products, while the unrest in KwaZulu-Natal and Gauteng that resulted in looting and destruction of stores and factories.

On Friday, in its results for the year ended 30 September 2021, Tiger Brands said the the recall and unrest cost the company in R732 million once-off costs.

Tiger Brand's revenue increased by 4% to R31 billion, for the year; however, its headline earnings per share fell 6% to 1 127 cents per share. The company declared a final ordinary dividend of 506 cents per share for the year and an interim ordinary dividend of 320 cents per share.

The group also owns brands like Black Cat, Jungle and Mrs Balls.

19 November 10:00

Pepkor doubles profit, sales higher than before Covid-19

Discount retailer Pepkor's performance for the year ended 30 September 2021 has surpassed its pre-Covid-19 levels.

The group whose brands include Ackermans, Pep, Tekkie Town and The Building Company, released its annual results on Friday.

The results showed that its earnings more than doubled to R5 billion for the year (compared to 2020), while its revenue increased by 9.2% to R77 billion. Its operating profit rose by 40% to R9 billion.

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19 November 07:21

Asian stocks mostly up, but Alibaba plunge hammers Hong Kong

Hong Kong tumbled Friday on an otherwise positive day for Asian markets, with Chinese e-commerce titan Alibaba tanking more than 10 percent after warning of a weaker outlook.

Alibaba said Thursday that net profit tumbled 81 percent in the second quarter and revenue grew less than forecast as it was hit by the impact of slowing economic growth and a government crackdown on the tech sector.

The firm, once the poster child of China's high-flying private enterprises, also said income growth over the rest of the fiscal year fell short of expectations, adding that certain factors could further impact results including "changes in laws, regulations and (the) regulatory environment" such as those related to privacy and data.

The sharp loss in Hong Kong reflected a more than 11 percent fall in its New York shares and comes after a painful year that has seen the firm in the crosshairs of Beijing's regulatory drive to rein in companies it thought were growing too powerful.

With Alibaba a big player on Hong Kong's Hang Seng Index, the market plunged 1.7 percent, and other tech firms including Tencent, NetEase and XD also fell.

However, losses were limited elsewhere in Asia, with only Wellington and Manila down.

Tokyo climbed as the government announced plans to inject almost $500 billion into the Japanese economy to kickstart the pandemic recovery.

There were also gains in Shanghai, Singapore, Sydney, Seoul, Taipei and Jakarta.

Traders had been given a positive lead from Wall Street, where the S&P 500 and Nasdaq ended at record highs, though focus remains on surging inflation and growing expectations that central banks will tighten monetary policy sooner.

Data this month has shown prices rising at levels not seen for three decades in the United States, 18 years in Canada and 10 years in the United Kingdom owing to soaring energy costs and global supply chain snarls.

Finance chiefs in some countries including South Korea and New Zealand have already hiked interest rates, and the Bank of England is expected to follow suit before the end of the year.

But eyes are on the Federal Reserve, which has already announced plans to wind down its vast bond-buying programme but is now facing increasing pressure to hike borrowing costs as soon as mid-2022.

"Near term concerns are that banks are rolling back their estimates of when the Fed will start to raise overnight interest rates in 2022, Fed comments about seeing broader-based inflation trends, the possibility of a change in the Fed chairman by the Biden administration, and fears about a seasonal spike in Covid cases," said markets analyst Louis Navellier.

'Lira remains a punching bag'

Oil extended Thursday's advance after a recent sell-off, with little reaction to news that China will release some of its reserves following a call by US President Joe Biden to Xi Jinping to help ease a surge in prices that is partly to blame for the inflation spikes.

"The oil market deficit will still remain despite the tapping of reserves and the next big move for prices will most likely depend on the weather," said OANDA's Edward Moya.

"Natural gas prices may be the key short-term driver as Russia plays hardball with Europe. Any natural gas shortages will lead to additional crude demand as the scramble for alternative energy sources intensifies."

Meanwhile, the Turkish lira held close to a record low against the dollar after Thursday's collapse in response to the central bank's decision to cut interest rates for the third consecutive month following pressure from President Recep Tayyip Erdogan.

The move came despite inflation sitting at nearly 20 percent -- four times the government target -- while the lira has lost a third of its value this year.

And Moya warned: "The lira remains a punching bag and further weakness has no end in sight."

AFP

18 November 19:07

Life Healthcare 'cautious' as uncertainty about future impact of Covid-19 looms

Uncertainty about the potential impact of ongoing Covid-19 waves on its business, particularly in southern Africa, has prompted Life Healthcare - one of SA's three largest private hospital groups - to continue a "cautious approach".

On Thursday the group announced its results for the financial year ending 30 September 20201.

Southern African operations grew revenue by 10.3% to R19.0 billion.

"For our southern African operations, we are cautiously confident that we can deliver continued paid patient day growth, improved occupancy during 2022 while also anticipating ongoing negative impacts from potential fourth and fifth Covid-19 waves," the group said in a statement.

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18 November 17:28

Rand slumps to new low this year after central bank's dovish hike

An interest-rate increase by South Africa's central bank provided little support for the rand, which fell to its weakest levels this year.

While the South African Reserve Bank delivered on market expectations, its policy makers' comments were taken to be dovish, as they said further tightening would be gradual.

A risk-off mood in markets also added to the rand's gloom, with more other developing-nation currencies such as the ruble and the Chilean peso dropping against the greenback.

The currency weakened as much as 1.7% to R15.7657 per dollar, the lowest since November 5 last year on a closing basis, and was last at 15.7095 in late afternoon trading.

- BLOOMBERG

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18 November 16:40

Commodity price increases over the last year...
Gasoline: +92%
Coffee: +89%
WTI Crude: +85%
Heating Oil: +85%
Brent Crude +81%
Natural Gas: +74%
Cotton: +67%
Wheat: +38%
Corn: +34%
Copper: +33%
Sugar: +32%
Aluminum: +31%
Lumber: +20%
Soybeans: +9%
Silver: +3%
Gold: -0.2%
— Charlie Bilello (@charliebilello) November 18, 2021

18 November 16:21

The @sarb expects GDP to average about 1,6% from 2022-2024. From 2014 to 2024 GDP is expected to average less than 1%. In the NDP, avg GDP of 5% would result in a 50% reduction in unemployment.
— Thabi Leoka (@thabileoka) November 18, 2021

18 November 16:18

Lions rugby tour helps Tsogo Sun claw back following unrest, pandemic woes

Securing rights as the official hotel partner for the Castle Lager Lions series rugby tour to SA earlier this year proved to be a boon for the Tsogo Sun group, as it offset some revenue shortfall.

Tsogo Sun Hotels is scheduled to release its unaudited financial results for the six months to 30 September on around 24 November 2021.

Revenue is expected to jump to between R895 million and R1.025 billion, which is between R560 million and R690 million higher than the R335 million in the same period in 2020.

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18 November 16:12

Grindrod Shipping posts profit, dividend

Grindrod Shipping has reported headline earnings of $65 million for the nine months to end-September, compared to a loss of $14.5 million in the same period in the previous years.

The company reported revenue of $366.4 million for the nine months.

It declared a gross cash dividend of US$0.72 per share for the third quarter.

18 November 15:43

Used cars in hot demand amid new vehicle shortage, says Motus

In a forecast for the six months to end-December, Motus expects growth of more than 20% in its headline earnings per share.

Motus sells vehicles, including pre-owned cars, and is also the exclusive South African importer and distributor of Hyundai, Kia, Renault and Mitsubishi vehicles and parts.

"Strong demand for pre-owned vehicles across all geographies continues on the back of the shortage of new vehicles.

The industry is experiencing a short supply of pre-owned vehicles from car rental companies.

18 November 14:57

Eurozone stocks scale record peaks as ECB sits tight on rates

French and German stock markets hit record peaks Thursday with the euro weakened by dimmed expectations of an ECB rate hike despite soaring inflation, while London extended losses.

Frankfurt's benchmark DAX index and the Paris CAC 40 scaled the latest pinnacles also despite rising Covid-19 infections in much of Europe.

The European single currency held firm after tanking on Wednesday to $1.1264 - the lowest level since July 2020.

Oil prices briefly touched one-month lows Thursday on lower demand concerns.

"The DAX and CAC are being supported by the receding likelihood of a European Central Bank (ECB) rate hike next year, which is also dragging on the euro," said CMC Markets analyst Michael Hewson.IG analyst Joshua Mahony added that "fears of a resurgence in Covid cases in mainland Europe have done little to perturb investors" in the region.

A weaker euro tends to lift eurozone stocks because it makes its exports cheaper for buyers using stronger currencies.ECB president Christine Lagarde this week said the bank did not expect to raise interest rates next year, in contrast to much sooner tightening expected by the Bank of England and the US Federal Reserve.

Stubborn fears over runaway global inflation continue to stalk trading floors.

But while eurozone inflation will hit a record high in November it is expected to decline over the course of next year, a senior ECB policymaker predicted Wednesday.

Asian bourses fell Thursday, tracking losses on Wall Street Wednesday fuelled also by talk that some central banks will have to tighten their monetary policies quicker than anticipated.

Data out Wednesday showed inflation close to a decade-high in Britain and an 18-year peak in Canada.

That came one week after news that US inflation surged to the highest level since 1990.

Investors are fearful that massive financial stimulus - coupled with resurgent post-lockdown demand and supply-chain snarl-ups - could send consumer prices rocketing even further.

- AFP

18 November 10:38

MTN exits troubled Yemen

MTN has finally exited the troubled Yemen market after offloading its majority stake in the business to a minority shareholder, the company announced on Thursday.

The exit is part of the strategy of abandoning the Middle East to focus on African markets, which was revealed in August 2020.

Yemen has been mired in conflict since an uprising against the government a decade ago, which triggered a continuing civil war.

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