Stay updated on the latest economic trends both in South Africa and abroad with our weekly summary highlighting key developments in the financial landscape.

Gain valuable insights to inform your current and future investment decisions.

Market Commentary | The week that was – July 30th

By |2024-07-30T07:44:31+02:00July 30, 2024|Market Commentary|

Capitec, Cashbuild, and the NHFC's Zakhelikhaya project offer affordable, customizable homes for first-time buyers in Gauteng with incomes between R3,500 and R22,000, aiming to boost homeownership and address housing shortages. In Cape Town, the Shoprite Group is pioneering renewable electricity wheeling at its Brackenfell headquarters, using excess power from Checkers Hyper Brackenfell, sold by Enpower Trading, to reduce reliance on the national grid and advance its carbon neutrality goal by 2050. Meanwhile, TotalEnergies has scrapped its gas-condensate projects at Brulpadda and Luiperd off South Africa's coast, finding them too costly and challenging. The $400 million investment and 1 billion barrels of estimated hydrocarbons were deemed unviable, impacting South Africa’s gas-to-coal shift plans. Additionally, TotalEnergies will exit a nearby oil block but continue exploration near Namibia.

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Market Commentary | The week that was – July 23rd

By |2024-07-23T09:27:40+02:00July 23, 2024|Market Commentary|

President Joe Biden announced he will not seek re-election in 2024 and endorsed Vice President Kamala Harris as the Democratic nominee. On the S.A. front, President Cyril Ramaphosa signed the Pension Funds Amendment Bill, initiating the two-pot retirement system. Meta Platforms is negotiating a 3-5% stake in EssilorLuxottica to advance its smart glasses development.

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Market Commentary | The week that was – July 16th

By |2024-07-16T08:55:22+02:00July 16, 2024|Market Commentary|

Pick ‘n Pay has awarded CEO Sean Summers four million shares, potentially worth R200 million, contingent on achieving leadership, succession, and financial targets. Positive sentiment grows as the new Government of National Unity addresses corruption and operational inefficiencies. Following the attempted assassination of Donald Trump, global markets have reacted with increased volatility and a shift towards safe-haven assets. Meanwhile, foreign investors show renewed interest in South African government bonds, driving significant net purchases.

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Market Commentary | The week that was – July 8th

By |2024-07-09T08:31:49+02:00July 9, 2024|Market Commentary|

Shoprite has introduced an online shopping and bulk delivery service for small businesses, including spaza shops, with free delivery within 50km. Bidvest is restructuring its financial services division, planning to sell Bidvest Bank and FinGlobal, aligning with its strategy to focus on automotive services. The new two-pot retirement system, effective 1 September 2024, aims to enhance retirement savings by splitting contributions into accessible savings and retirement components, despite initial delays in payouts.

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Market Commentary | The week that was – July 2nd

By |2024-07-02T08:43:28+02:00July 2, 2024|Market Commentary|

South Africa's new Government of National Unity (GNU), announced by President Cyril Ramaphosa, has positively impacted the markets. The GNU cabinet includes 11 political parties, such as the ANC, DA, and IFP. Key appointments include Enoch Godongwana remaining as Finance Minister and DA leader John Steenhuisen as Minister of Agriculture. The GNU's focus on rapid economic growth and good governance spurred market confidence, with the Johannesburg Stock Exchange (JSE) climbing 700 points (a 1% increase). Leading stocks like Redefine Properties, Motus, and Remgro saw significant gains, and the rand strengthened, briefly crossing R18 to the dollar .

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Market Commentary | The week that was – June 25th

By |2024-06-25T09:00:30+02:00June 25, 2024|Market Commentary|

The V&A Waterfront in Cape Town has committed to sourcing 70% of its energy from renewables by 2026 through a 10-year agreement with Etana Energy. Africa Data Centres has secured R2 billion from RMB to expand its data centre capacity in South Africa. A recent Constitutional Court ruling favoured an asset management firm over SARS, alleviating tax concerns for multinationals. The South African rand has become a preferred currency for carry trades against the Japanese yen, bolstered by a business-friendly election outcome.

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Market Commentary | The week that was – June 18th

By |2024-06-18T16:13:38+02:00June 18, 2024|Market Commentary|

President Cyril Ramaphosa secured a second term after the ANC formed a coalition to establish a government of national unity. The Metalloys smelter in Meyerton is set for a revival through a new R1.8 billion investment deal. Globally, the World Bank projects stable growth at 2.6% despite geopolitical tensions, and the Federal Reserve has signalled a conservative stance with expectations for just one rate cut in 2024. In the markets, South African indices closed higher due to gains in mining and consumer staples, while the tech firm Naspers saw a decline. The upcoming week includes key economic indicators from South Africa, the Eurozone, Japan, the UK, and the US.

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Market Commentary | The week that was – June 11th

By |2024-06-10T17:42:21+02:00June 11, 2024|Market Commentary|

Meta Platforms will enhance WhatsApp with an AI assistant to aid businesses in customer engagement, inquiries, and sales, starting tests in India, Singapore, and Brazil. Nvidia's stock surged to a record high of $1,214.90 making it the third-most valuable company globally. U.S. financial markets showed resilience amid Federal Reserve tightening due to private market risk absorption, government spending, and balanced Fed policies. In the markets, South African indices closed higher due to gains in mining and consumer staples, while the tech firm Naspers saw a decline. The upcoming week includes key economic indicators from South Africa, the Eurozone, Japan, the UK, and the US.

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Market Commentary | The week that was – June 4th

By |2024-06-04T10:54:48+02:00June 4, 2024|Market Commentary|

May 2024 saw the introduction of South Africa’s digital nomad visa which allows remote workers to earn from foreign sources, provided they meet a R1 million annual income threshold. Despite potential benefits, experts have cautioned against complex tax implications that could deter extended visits and create a permanent establishment risk for foreign employers. The 2024 election showcased democracy with the ANC's support dropping to 40%, leading to coalition talks as the new uMkhonto weSizwe Party gained 14.6% of the vote. CEO Duncan Wanblad of Anglo-American faces restructuring the company post-rejection of a $49 billion BHP bid. OPEC+'s production increase plan caused price fluctuations in oil markets, with varying analyst opinions. The upcoming week features significant economic data releases from South Africa, the US, the Eurozone, India, and China, impacting market outlooks.Checkers Sixty60 is beta testing an expanded app featuring over 10,000 non-grocery products with same-day delivery, challenging market giants like Takealot and Amazon. OpenAI launched GPT-4o, a unified AI model processing text, audio, and images, promising real-time interactions and broad accessibility. In the markets, South African indices closed higher due to gains in mining and consumer staples, while the tech firm Naspers saw a decline. The upcoming week includes key economic indicators from South Africa, the Eurozone, Japan, the UK, and the US.

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Market Commentary | The week that was – May 28th

By |2024-05-28T10:07:50+02:00May 28, 2024|Market Commentary|

South Africa's national and provincial elections on May 29, 2024, are poised to be the most competitive since apartheid, with 27.7 million registered voters and 70 political parties plus 11 independents contesting. The U.S. plans to significantly increase tariffs on Chinese imports starting 1 August 2024. In South Africa's corporate sector, the Ackerman family is stepping down as majority shareholders of Pick ‘n Pay amid a company revamp. Markets closed positively last Friday, with gains in retail and mining stocks, though the JSE All Share index fell 0.46% for the week. Upcoming economic data includes South Africa's Private Sector Credit, PPI, and Trade Balance, alongside key releases from the U.S., Eurozone, Japan, and China. Checkers Sixty60 is beta testing an expanded app featuring over 10,000 non-grocery products with same-day delivery, challenging market giants like Takealot and Amazon. OpenAI launched GPT-4o, a unified AI model processing text, audio, and images, promising real-time interactions and broad accessibility. In the markets, South African indices closed higher due to gains in mining and consumer staples, while the tech firm Naspers saw a decline. The upcoming week includes key economic indicators from South Africa, the Eurozone, Japan, the UK, and the US.

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