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.
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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.
Microsoft has become the latest technology giant to reduce its quarterly outlook based on the outbreak of a novel coronavirus that’s slowing production of computers.
South Africa must make progress on structural reforms before banks like Goldman Sachs Group can help draw foreign capital to the country.
If the US stock market is like a giant stone wall whose structural integrity depends entirely on the sturdiness of five tech megacaps, it didn’t act like it on Tuesday.
It’s been a grim start to 2020 for some South African-listed technology companies, which have seen their shares battered on weak earnings updates and negative investor sentiment.
Shares in software services company Adapt IT plunged 20% on Monday after it warned shareholders after markets closed on Friday that its interim earnings would take a beating.
Shares in technology distribution group Alviva Holdings tumbled more than 25% in intraday trading in Johannesburg on Friday after it shocked investors with a profit warning.
Jeff Bezos is on a shopping spree befitting the world’s richest man. The Amazon.com founder agreed to pay $165-million for a Beverly Hills mansion, according to a person with knowledge of the matter.
Jeff Bezos is on a selling spree. Stock disposals by Amazon.com’s founder and CEO over the past week have reached 1.7 million shares, or $3.45-billion.