- Johannesburg-listed stocks advanced on Monday as part of a broad-based rally led by the mining sector, where both diversified and precious metals miners gained. The local bourse mirrored global optimism led by gains in China and higher crude oil prices. The benchmark all-share index rose 1.32% to 66,101 points, while the blue-chip index of the 40 largest companies rose 1.4% to 59,663 points.
- The rand weakened against a stronger dollar on Monday as investors remained confident that the U.S. Federal Reserve would begin scaling back its stimulus measures later this year and a local indicator of business confidence declined. At the close of trading, the rand was trading around R14.93 against the dollar, down 0.28%. A South African business confidence index fell to 91.0 in September from 91.9 in August, as retail sales and manufacturing output declined. The focus domestically will be on the August mining and manufacturing numbers due today, as well as retail sales on Wednesday.
- Gold traded flat in early trade today as the dollar strengthened on expectations that the Federal Reserve will announce a tapering of its bond purchases next month. Oil prices fell for the first time in four days this morning, taking a breather after rising for weeks as global demand contributes to energy shortages in economies from Europe to Asia.
Telkom says Netflix is no longer available on SA set-top boxes
Telkom has said that Netflix will no longer be available on the South African phone and internet provider’s set-top box from October. An agreement between the parties has come to an end and will not be renewed, content executive Wanda Mkhize said in a statement, without giving a specific reason. Other content partnerships will be announced in due course, she said. The move comes after MultiChoice, Africa’s largest pay- TV provider, signed deals with Netflix and Amazon.com to offer their streaming services through its new decoder.
Insights into Massmart’s e-commerce growth
With online sales expected to explode in South Africa in the coming years, e-commerce is becoming the centrepiece of Walmart-owned Massmart’s growth strategy. The group, which includes brands such as Builders, Makro and Game, has been working with partners to launch “mini-apps” for mobile shopping. VodaPay, Vodacom Group’s new “super app”, “launched hard” in South Africa on Sunday with an aggressive advertising campaign in consumer media. But that’s just the beginning of much bigger ambitions for Massmart, Sylvester John, its head of e-commerce, said in an interview with TechCentral on Friday. He said that online retail will become a much more important part of Massmart’s strategy, especially given the group’s expectations that e-commerce will roughly triple its share of total sales in South Africa.