South African News and Market Update: Elon Musk’s SpaceX launches three SA-made satellites, and more

 South African News and Market Update: Elon Musk’s SpaceX launches three SA-made satellites, and more

South African News and Market Update.

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Stocks on the Johannesburg Stock Exchange trended mixed yesterday, with the All-Share Index posting again of 0.05% and the blue-chip Top 40 Index posting a loss of 0.03%. Financial stocks offered the most support as the J212 index gained 0.95% during the day. As for the price performance of individual stocks, Old Mutual topped the performance list of the top 40 with a gain of 3.95%. Mining stocks, Northam and Impala Platinum were the worst blue chip performers, down 3.74% and 3.02%, respectively.

The rand retreated early Thursday after strong gains the previous day as the dollar weakened following U.S. inflation data. The rand ended the day trading around R15.42 to the dollar, 0.72% weaker.

Gold prices were on track for their best weekly gain since November last year this morning as investors await economic data that could bring clarity on the Federal Reserve’s tapering policy, while a weaker dollar and government bond yields supported gold prices. Meanwhile, oil prices slipped for a second session today as concerns grow that Washington may act soon to cool prices, while movement controls in China to contain an COVID -19 outbreak weighed on fuel demand.

Akani acquires Nicolway Shopping Centre for R1.1 billion

Akani Properties is acquiring the 23 000 sqm Nicolway Shopping Centre and all properties in the Nicolway Precinct for R1.1 billion. Given the centre’s location in affluent Bryanston in Johannesburg’s northern suburbs, it could become the group’s flagship property. The unlisted group says the purchase was made on behalf of its client, the Municipal Employees Pension Fund (MEPF). The transaction was approved by the Competition Tribunal in December. “The shopping centre is conveniently located on William Nicol Drive in the heart of Bryanston and is strategically located in a high living area surrounded by the Bryanston business centre,” Akani said in a statement.

Elon Musk’s SpaceX launches three SA-made satellites

Elon Musk’s SpaceX will launch three South African-made nano-satellites into orbit as part of its upcoming Transporter 3 mission – the first to be entirely manufactured on the continent of its birth and sent into space. The launch is scheduled to take place later today in the U.S. and is part of a so-called rideshare programme in which companies or governments book a spot for their spacecraft aboard SpaceX rockets. More than 100 spacecraft are participating in the programme. The South African satellites will be released into low Earth orbit at an altitude of 525 kilometres, the Department of Science and Innovation in a statement. They will eventually be used to monitor the country’s coastline.

Mandy Nunes

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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