South African News and Market Update: Court victory for Mpumalanga residents affected by 14-hour-a-day power outages, and more

 South African News and Market Update: Court victory for Mpumalanga residents affected by 14-hour-a-day power outages, and more

South African News and Market Update.

Spread the love

Shares on the Johannesburg Stock Exchange rose after the Chinese central bank surprisingly cut interest rates on medium-term loans. The commodities index, which represents mining companies, particularly gold and platinum group metals, rose 0.35%, while technology company Naspers, which holds as much as a 29% stake in Chinese Internet giant Tencent through a subsidiary, added 0.47%. Overall, the benchmark all-share index closed up 0.58% and the blue-chip Top 40 index was up 0.64%.

The rand weakened on Monday as the dollar gained in anticipation of several interest rate hikes by the Federal Reserve this year. However, by the close of trading, the rand had recovered its earlier losses and was trading at R15.39 against the dollar, 0.04% firmer. The rand has started 2022 strongly, gaining more than 3% against the dollar, making it one of the best performing emerging market currencies.

Oil prices rose to a seven-year high today after Yemen’s Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-allied group and a coalition led by Saudi Arabia, raising concerns about possible supply disruptions. Meanwhile, gold prices were unchanged this morning as the weaker dollar partially offset pressure from high U.S. Treasury bond yields, which reduce the appeal of gold without yields.

CAPITAL & COUNTIES PROPERTIES PLC – Trading Update

As of December 31, 2021, Covent Garden’s independent property valuation was £1.7 billion, an increase of 4.6 percent on a like-for-like basis in the second half of the year and an overall movement of -0.6 percent for the full year. The second half performance was driven by a 3 percent increase in ERV on a like-for-like basis, reflecting positive leasing activity and high occupancy levels across the asset, and a 5 basis point decline in equivalent yield to 3.88 percent on a like-for-like basis. The valuer’s assumption on the loss of short-term income was reduced from £11 million to zero. Rental income for the first quarter of 2022, billed in December 2021, is currently at 86 percent (adjusted for monthly payment schedules).

Court victory for Mpumalanga residents affected by 14-hour-a-day power outages

Residents of Govan Mbeki Municipality are pleased with a ruling last week by the Mpumalanga High Court that requires the municipality to report regularly to the court on progress in clearing Eskom’s R1.18 billion arrears. “It’s an important victory for the residents as the municipality is accountable to the court and the residents,” said Waseem Gani, a lawyer with MacRoberts Inc, which is representing residents in the case. The municipality had fallen so far behind in paying its arrears to Eskom that it was forced to introduce rotating load shedding, which resulted in power outages of 10 to 14 hours a day.

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.

Related post