- Local markets reacted to disappointing retail sales data that showed sales fell 1.3% year-on-year in August, while economists had expected a 2.6% increase. Stocks were flat, with the
- The rand posted strong gains on Wednesday as the dollar retreated, gold prices rose and local bonds gained. At the close of trading, the rand was trading R14.81 firmer against the dollar, or 1.05%.
- Gold prices moved near a one-month high today as the dollar and longer-term government bond yields retreated from recent highs following better-than-expected US inflation data. Oil prices rose today, reversing earlier losses on expectations that high natural gas prices could lead to a switch to oil to meet heating needs as winter approaches. Prices were also supported by concerns about tightening supplies after the U.S. Energy Information Administration (EIA) on Wednesday said crude production in the United States, the world’s biggest producer, will fall more than previously thought in 2021 and rebound in 2022.
- Johannesburg Stock Exchange’s Top 40 index rose 0.03% to 59,517 points and the broader All-Share index was up 0.04% at 66,013 points. Precious metals stocks were among the best performers of the day. Anglo American Platinum was the biggest gainer in the blue-chip index, rising 3.34%, followed by AngloGold Ashanti and Gold Fields, up 3.16% and 2.81%, respectively.
Liberty minority shareholders approve Standard Bank takeover bid
Minority shareholders of JSE-listed insurance and financial services company Liberty on Wednesday approved major shareholder Standard Bank Group’s (SBG) proposal to buy out their shares and fully integrate Liberty into the banking giant. The approval was confirmed in a statement from Sens and in a media release following a Liberty shareholder meeting where the proposal was voted on. “This is an important milestone towards the completion of the proposed transaction, which is expected in the first quarter of 2022,” the group said.
Vantage Data Centres plans R15bn Joburg campus in Waterfall megaproject
US-based Vantage Data Centres on Wednesday announced plans to invest $1 billion (Rs15 billion) in a huge new Joburg campus on a 12-hectare site in Waterfall, the mega real estate hub in the middle of Gauteng led by JSE-listed Attacq. Vantage, headquartered in Denver, is a global data centre giant with multiple locations in the US, Europe and Asia Pacific. Vantage noted that the “massive investment” will bring “new business and positive economic impact” to the city and help “drive economic growth, stimulate job creation and lead the way in energy efficient design”.