South Africa’s recession deepened in the first quarter of 2020, with official data on Tuesday showing that GDP contracted 2% from the previous three months.
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Media and e-commerce group Naspers on Monday reported a 4.5% drop in profit for the year to 31 March, mainly as a result of investments to drive growth in its food delivery business.
South African shares are about to round off their strongest quarter in almost two decades, and the influence of the coronavirus pandemic is clear to see in the shares most responsible for driving the market higher.
Government is considering selling a green infrastructure bond worth tens of billions of rand as part of its biggest drive ever to kick-start private investment in projects ranging from energy to water reticulation.
South African business confidence has plunged due to the impact of the coronavirus pandemic, with companies even more pessimistic now than at the height of disinvestment during apartheid.
Asset manager Ninety One has launched a R10-billion fund, in partnership with a private equity firm, that will target investments in South African businesses struggling due to the coronavirus outbreak.
The rand traded at its strongest in 11 weeks against the dollar in early trade on Wednesday, as investor appetite for riskier assets improved on prospects of a swift global economic rebound.
The ANC and business leaders are heading for a showdown over how to revive an economy ravaged by the coronavirus and a two-month lockdown to curb its spread.
Stocks were supposed to be mired in a bear market after they plunged in March as the coronavirus pandemic shut business and sent unemployment to its highest rate since the Great Depression. Except they aren’t.
JSE-listed international technology group Datatec has reported strong full-year results for the year ended February 2020, though the good performance happened before the impact of the Covid-19 pandemic.