South African News and Market Update: Shoprite sets up joint venture with RTT, and more

 South African News and Market Update: Shoprite sets up joint venture with RTT, and more

South African News and Market Update.

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The Johannesburg Stock Exchange’s Top 40 index eased slightly yesterday, falling 0.33% to 65,177 points. The broader All-Share Index lost 0.36% to 71,430 points. Retailer Shoprite rose 1.71%. The company said on Monday it had entered into a joint venture agreement with a delivery partner to expand its e-commerce business. A slew of South African economic data will be released on Wednesday, including the November consumer price index, producer inflation and a leading economic indicator.

The rand fell on Monday as investors bet that the U.S. Federal Reserve will announce at its meeting this week that it will end its bond purchases earlier than expected. At the close of trading, the rand was trading 0.19% weaker at R16.04 to the dollar.

Gold prices were little changed this morning as cautious investors focused on this week’s key central bank meetings where the US Federal Reserve is likely to accelerate plans to scale back its pandemic-era stimulus measures. Oil prices rose slightly this morning, but gains were limited by investor concerns over oil demand after renewed restrictions were imposed in Europe and Asia due to a spike in coronavirus cases.

Shoprite sets up joint venture with RTT

South Africa’s largest supermarket group, Shoprite Holdings, announced on Monday that its upscale grocery chain Checkers has entered into a joint venture agreement with its delivery partner, RTT Group, to expand its e-commerce business. After years of lagging the world in e-commerce, South African retailers and delivery start-ups have now seen record online sales as consumers shunned stores during the Covid 19 pandemic. However, the boom has pushed even the largest retailers to their capacity limits, forcing them to invest and make e-commerce acquisitions to improve waiting times and service, and complement scheduled delivery and click-and-collect services with on-demand delivery.

New evidence in Cape Town’s R429.47m civil claim against construction company

New evidence has emerged in the City of Cape Town’s R429.47 million civil damages claim against listed construction groups WBHO, Aveng and Stefanutti Stocks in relation to collusion and bid rigging at Green Point Stadium, now called Cape Town Stadium. City of Cape Town spokesperson Luthando Tyhalibongo said on Monday that the arbitration was scheduled from September 27 to October 8 this year and ran from its scheduled start date to October 5. Tyhalibongo said only some of the witnesses have completed their statements and as such the arbitration has been postponed by mutual consent of the parties. “The arbitration was postponed because new evidence was presented to the city and the parties have asked for time to consider the evidence,” he said.

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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