The deal between South Africa’s Naspers and its spinoff Prosus this week caused havoc, with the JSE forced to delay opening by hours on Wednesday amid the rush of rebalancing trades.
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The five-and-a-half-hour outage on the JSE that prevented traders buying and selling stocks until well into the afternoon on Wednesday was not a good signal for a bourse that touts itself as Africa’s finest.
The rand, which managed to avoid a major blowout following riots in two of South Africa’s key provinces in July, finally gave way and weakened below the psychological R15 to the US dollar level on Thursday.
The JSE equities trading market failed to open on Wednesday for technical reasons, causing enormous frustration in the investment community.
The start of equities trading on the JSE was delayed on Wednesday because the bourse was unable to fully process transactions from a record volumes in the previous session.
Chinese gaming and social media giant Tencent Holdings posted a 29% rise in second quarter profit, a slower pace of growth after the coronavirus pandemic led to a boom in online gaming last year.
MTN Group is once again worth more than rival Vodacom Group after a surge in the former’s share price following publication of solid interim results last week.
A trading update for the first half of the year from Massmart on Friday spooked investors who had been banking on a stronger recovery. Game is at the centre of the problems.
Shares in Alviva Holdings jumped more than 18% in intraday trading on Thursday morning after the ICT distribution group said full-year earnings per share are likely to nearly double.
The flight of top taxpayers has long been a thorn in the side of national treasury. But the coronavirus crisis and recent riots could prove to be a tipping point.