South African business sentiment plunged to the lowest level in more than two decades in the first quarter and could weaken even further as the coronavirus hits the domestic and global economy.
MTN Group shares fell more than 12% on Monday morning in Johannesburg, to their lowest levels in nearly 14 years, as investors digested the news of a shock fall in oil prices overnight.
Imperial, the JSE-listed logistics group, has partnered with early-stage venture capital firm Newtown Partners to launch a corporate venture capital fund focused on investing its start-ups in the logistics space.
The rand plunged by almost 8% against the dollar on Monday as investors fled riskier assets, with tumbling oil prices adding to nervousness spurred by the spreading coronavirus.
Policy documents in national treasury’s 2020 budget review suggest government will soon significantly relax controls over the export of South African-owned intellectual property.
Naspers’s Prosus, through its OLX Brazil business, has agreed to spend R9.9-billion to buy Grupo ZAP, described as one of the fastest-growing technology companies in the South American country.
Technology group Alviva Holdings reported a slump in earnings for the six months ended 31 December 2019 due to woes in its ICT distribution segment, a change in accounting rules and foreign exchange losses.
JSE-listed technology services group Datatec is exploring the possibility of listing the Latin American arm of its Logicalis subsidiary on the Brazilian stock exchange, B3.
Sentiment in South Africa’s manufacturing industry fell to the lowest level in more than a decade in February as the prospect of continued power cuts weighed on confidence.
While big technology shares in the US have continued to hit new highs in 2020 – among them, Microsoft, Apple, Amazon, Google and Nvidia – JSE-listed IT companies have had a torrid start to the new decade.