Browsing: South Africa Economy

• A2X will mark the fourth exchange that Shoprite Group shares will be available to investors.
• A2X market has partnered with Aqui Exchange, providing it with a licensing matching engine, surveillance and clearing technology.
• The Namibian Stock Exchange (NSX) and Lusaka Securities Exchange (LUSE) have also listed Shoprite Group as an instrument in their respective countries.

Shoprite Group, South Africa’s largest retailer, has been approved for a secondary listing on A2X Markets, an upcoming stock exchange market. The retailer’s shares will be available for trade on A2X from April 11, 2023.

On April 4th, A2X Market announced that Shoprite Group had met the criteria for appearing under its secondary listing. This sudden turn of events is not unexpected, as South Africa’s largest retailer has had a series of wins over the past years. 

A2X will mark the fourth exchange that Shoprite Group shares will be available to investors after Johannesburg Stock …

A lot was indeed riding on his presentation today the 23rd of February 2022. The primary expectations of the speech from stakeholders are whether the treasury chief’s plan for 2022 will stimulate economic growth and foreign direct investment. Each South Africa needs urgently.

The finance minister began his address by affirming his commitment from his midterm budget speech to the reconstruction and recovery of the economy and by extension saving lives and livelihoods.

Very noble aspirations and themes. This message is needed by citizens who have grown …

South African Credit rating agencies, Moody’s and Fitch, have both downgraded South Africa’s credit rating. The country’s credit rating further plummeted into junk territory making debt issuance both difficult and expensive

Moody’s dropped the credit rating two steps below investment grade to Ba2 from the previous Ba1 level.

”The downgrade reflects the impact of the pandemic shock, both directly on the debt burden and indirectly by intensifying the country’s economic challenges and the social obstacles to reforms.

South Africa’s capacity to mitigate the shock over the medium term is lower than that of many sovereigns given significant fiscal, economic and social constraints and rising borrowing costs.” Moody rating action report

 

Additionally, Fitch stepped down the countries rating to a BB minus which is three positions below investment grade.

The ratings apply to both local and foreign borrowing.

Another credit rating agency S&P maintained South Africa’s rating which is currently …

South African Airways (SAA)—one of Africa’s largest carriers have gained a promising turn, as its administrators said conditions for a business rescue were met to bring the state-owned carrier back to operations.

According to information from Bloomberg News, the administrators did not provide any further notice to affected parties on Tuesday, Bloomberg reported that “whether the government had met their demand to place in an escrow account $988 million the state has guaranteed to creditors should the carrier fail. The Treasury said on Monday its usual guarantees should suffice”

The SAA which was illustrated by News24 a South African business publication, that had a net asset value of nil in 1999 and since then has contended with a weak balance sheet exaggerated by weak management and a poor business model.

Further, the which SAA has received no less than $3 billion in bailouts or recapitalization over 20 years, starting from …

The coronavirus (COVID-19) has hurt the South African business confidence, making it to drop to the lowest level in almost 45 years.

Among the factors sited for the drop include the resources spent in virus prevention measures—particularly the strict lockdown.

What the index says

According to information from Bloomberg News, the second-largest economy in Africa readings started in 1975 showcased, the deep fall, whereas both—Rand Merchant Bank (RMB)unit and Stellenbosch University affirmed that, a quarterly gauge measuring business confidence fell to 5 in the second quarter from 18 in the previous three months.

However, a reading of 5 means “just about every respondent in the second quarter was unsatisfied with the prevailing business conditions,” RMB said. The survey was based on the responses of 1,800 business executives between May 13 and June 1.

Further, as the nation moves away from the harsh-lockdown total of around 1 800 executives surveyed across …

Africa’s second-largest economy, South Africa—is planning to introduce projects worth of $29.5 billion in sectors such as water, energy, and transport—to fuel an economic recovery from coronavirus (COVID-19) pandemic, according to information from Reuters.

The infrastructure projects are expected to be approved by the South African President Cyril Ramaphosa’s cabinet, following discussions with the private sector and multilateral development banks, Paul Mashatile, ANC’s treasurer-general said during a video conference organized by a London based think-tank—Chatham House.

According to statistics from the South African government on COVID-19 trend, until May 27, 634,996 tests were conducted, 25,937 cases identified, 13,451 people recovered, 552 people succumbed to the virus and more than 1,600 cases emerged.

As South Africa swims in a second-recession, the economic-recovery projects would focus on areas such as railways, ports, energy, information technology, water and sanitation and housing.

“It is clear that given the scale of the damage to …

Africa second-largest economy, South Africa—is anticipating to reopen its economy by easing its nationwide lockdown.

According to information from Bloomberg, South Africa’s government announced the plans for the reopening on Wednesday.

South Africa—which had the most strict lockdown perhaps in the entire region, has taken the imitative due to business leaders constant pressure on South African President Cyril Ramaphosa, to take back the economy to its normal life, arguing that the lockdown does more harm and could do more harm to the economy over time.

The South African government rolled in a 21-day lockdown on March 27 to fight the virus spread, but then added two more weeks.

The lockdown has been used as the preparing base to levitate the health system, as nearly 25,000 beds were added for quarantine, personal protective equipment and other supplies, according to information from Bloomberg.

Speaking to his countrymen via a televised address, …