Alphabet shares surged after first-quarter results and upbeat executive comments showed the company’s cloud and YouTube businesses kept growing in the midst of the Covid-19 pandemic.
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That the US’s biggest companies are technology firms whose businesses stood up to lockdowns has been good news for its stock market. For the Nasdaq 100 Index, it’s been salvation.
The South African Reserve Bank has cut the repo rate by a 100 basis points – the second time it has done so in less than a month as worries mount over the impact of Covid-19 on economic growth.
Naspers remains on the lookout for acquisitions even as economies around the world grind to a halt in the face of the coronavirus pandemic.
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.
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.