Articles by 'Business Report'

15 Aug 18

Naspers Drags JSE down, Rand in Biggest Decline

THE RAND headed for its biggest drop against the dollar since 2016, according to Bloomberg, buffeted by headwinds including a downbeat assessment of the economy by Moody’s Investors Service and a plunge in the biggest company on the JSE. Moody’s report, “Government of South Africa: Fiscal slippages likely this year, but medium-term targets remain within reach”, found that the pace of South Africa’s fiscal consolidation would be slower than government forecast as weaker than expected economic growth and a rising public sector wage bill acted as fiscal headwinds.

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14 Jun 18

Peregrine's Star Citadel Becomes a Wealth Fortress

Specialist financial services group Peregrine Holdings yesterday singled out its Citadel subsidiary as the star performer with a 19 percent increase in headline earnings for the year to end March.

24 Apr 18

Rand Slips to 3-month Low, Bourse Higher

The Rand came under pressure with the uptick in US capital market yields, losing about 1 percent to the dollar to R12.28 in early trade yesterday, its weakest level in more than three months.

23 Apr 18

Rallying US Dollar Sees Rand Weakened

The Banking index yesterday fell nearly 2 percent as the rand weakened to a 3-month low against a resurgent dollar bolstered by rising US bond yields. The rand weakened to R12.27 against the greenback, R17.12 to the pound and R14.99 against the euro. Bianca Botes, corporate treasury manager at Peregrine Treasury Solutions, said the decline was driven by rising US bond yields which sparked a sell-off of riskier emerging-market assets.

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03 Jan 18

Rand Rally Tapers off as Investors Take Profits, US Data

Bianca Botes of Peregrine Treasury Solutions said yesterday that the rand weakened after a strong start on Tuesday morning, from R12.30 to R12.51, before moving back to R12.36 at midday. “The rand is overbought at the moment partly owing to an overreaction to the Cyril Ramaphosa win, but it is likely to lose some ground as the afterglow wears off,” Botes said.

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