Datatec’s share price is in the dumps and the management team, led by CEO Jens Montanana, is thinking big to find ways of unlocking value.
Browsing: JSE
4AX, a rival stock exchange to the JSE launched in 2017, is relocating from Johannesburg to Cape Town, will be rebranded as the Cape Town Stock Exchange, and will position itself as the “Nasdaq of Africa”.
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.
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.
The rand was hovering around three-month lows in early trade on Wednesday, as the country prepared for what could be another day of unrest linked in part to anger over poverty and economic inequality.
Dimension Data executive chairman Jeremy Ord has stepped down from the technology group he co-founded, while a string of other top executives, including co-founder Bruce “Doc” Watson, have also left.
For now, Naspers and Prosus CEO Bob van Dijk has managed to figure out a short-term fix for his problem. Eventually he’ll need to think longer term. By Alex Webb.