South African News and Market Update: Aspen calls for new special economic zone around its Gqeberha plant, and more

 South African News and Market Update: Aspen calls for new special economic zone around its Gqeberha plant, and more

South African News and Market Update: Aspen calls for new special economic zone around its Gqeberha plant, and more.

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The top 40 index fell 0.13% yesterday to 60,445.78, while the broader all-share index closed 0.1% lower at lower at 66,980.45. Shares in mining company Sibanye Stillwater fell 5% after the company said it was in talks to buy the Santa Rita nickel and Serrote copper mines in Brazil. Other news: South Africa faces an increased risk of power outages as maintenance work needs to be carried out on its ailing coal-fired power plants, the state-owned utility said. The overall availability of electricity from Eskom power stations this year has been lower than in the previous financial year and current output is below target, Group Chief Operating Officer Jan Oberholzer said in a presentation on Monday.

The rand trended firmer on Monday, supported by higher precious metals prices. At the close of trading, the rand was trading R14.70, or 1.01%, firmer against the dollar. The dollar recovered from recent lows and

was trending firm this morning in choppy trading as a series of data and central bank meetings are due that investors expect to influence interest rate developments.

Gold prices edged lower this morning, weighed down by a rise in the dollar as investors eye upcoming key central bank meetings this week. Oil prices eased slightly this morning, recovering from a sustained rally driven by strong demand in the United States, the world’s largest consumer of oil and oil products. While China’s red-hot power and coal markets have cooled somewhat following government intervention, energy prices remain elevated globally as temperatures drop with the onset of northern winter.

Aspen calls for new special economic zone around its Gqeberha plant

Stephen Saad, CEO of JSE-listed Aspen Pharmacare Group, on Monday called on government to consider developing a new special economic zone (SEZ) around its manufacturing facility in Gqeberha (formerly Port Elizabeth.

Elizabeth) to be considered. Saad was speaking at the opening of the new anaesthetics production line at the facility, which will make it one of the largest manufacturing centres for this product in the world. Africa’s largest pharmaceutical manufacturer has also committed to increasing its production capacity for the Covid-19 vaccine to 1.3 billion doses per year to serve the continent’s population. The group’s CEO also spoke out against unequal access to healthcare and pledged to minimise this by continuing to invest in the continent.

SIBANYE STILLWATER LIMITED – Cautious announcement

Sibanye-Stillwater informed its shareholders that the company is in negotiations with affiliates of funds advised by Appian Capital

Advisory LLP to acquire both the

Santa Rita Nickel and the Serrote copper mines in Brazil. If successful, these negotiations may have a material impact on the price of the Company’s securities.

Therefore, shareholders of Sibanye-Stillwater are advised to exercise caution when trading in the Company’s securities until a full announcement is made.

Mandy Nunes

https://gvmarkets.com/

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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