Sub-Saharan Africa will post its first recession in 25 years as the coronavirus pandemic brings economies to a halt and disrupts global trade, the World Bank said.
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JSE-listed 4Sight Holdings has agreed to sell its subsidiary Digitata, which it bought in 2017, for R91.9-million, to its original owners.
South Africa’s economy could contract by between 2% and 4% this year due to the coronavirus pandemic and measures to curb its spread, according to the Reserve Bank.
The rand hasn’t hit rock bottom yet. Even after falling to its weakest level on record against the dollar this week, South Africa’s currency has a better chance of extending the decline in coming months.
Cape Town mobile marketing platform provider Mobiz has raised US$1-million (about R18-million) in a funding round from Kalon Venture Partners.
The JSE is launching virtual annual general meetings in South Africa to allow investors to engage with shareholders during the Covid-19 pandemic.
The rand plumbed a record low after the country lost its last investment-grade credit rating, and investors anticipated it may slide deeper into junk as the spread of the coronavirus decimates the economy.
Moody’s cut South Africa’s credit rating below investment grade, delivering the country a full house of junk assessments as it grapples with a nationwide lockdown.
A month ago, back when things made sense, Wall Street was convinced that when the rout came, high-priced technology stocks would lead the way down. That’s not how it’s playing out.
Apple’s market value fell below $1-trillion as trading opened on Monday, leaving Microsoft as the only US stock above the 13-digit threshold.