MONEY LIVE | Cartrack owner shows growth despite tough economy -
Asian markets fell sharply at the open on Friday, trailing losses on Wall Street after the US Federal Reserve boss said an interest-rate hike was likely forthcoming.
But US stocks tumbled after Powell, who has signalled the US central bank will have to move more aggressively to counter record US inflation, explicitly said a half-point interest rate increase is"on the table" for next month's policy meeting.
"Russian Production decreased, pointing to self and official sanctions starting to bite oil prices bullishly," Innes said. It’s the biggest loser among developing-nation peers this week, down almost 5% and on track for its worst weekly performance since the start of the pandemic. In a statement on Thursday, the group said its headline earnings per share would increase by between 92% and 105% from 31.9 cents in the previous year.
"The two bonds, which have a total value of R2 billion, are part of a long-term programme to raise R72 billion for FirstRand's sustainability projects," the statement read.The JSE's sustainability segment's market capitalisation is at R23.2 billion.Barclays has sold a 7.4% stake in former African unit Absa for 526 million pounds , cutting its holding by half. The firm priced an accelerated placing of 63 million shares at R164, according to a statement Thursday.
Anglo American's production for the first quarter of the year dropped by an overall 10% compared with the comparative period in 2021. As a result, the group has revised its platinum group metals, iron ore and metallurgical coal volume guidance down for the full year. "Oil is still trading mixed after Tuesday's sharp pullback but is opening in Asia near the midpoint of yesterday's trading range - the US inventory draws lean helpful. Still, there is not much incremental news overnight, with a trajectory from here really hinging on whether other nations join the UK/US in banning Russian oil imports," Stephen Innes of SPI Asset Management said.
Players will likely remain cautious ahead of Federal Reserve Chair Jerome Powell's remarks before the US central bank meets next, with concerns high about rate hikes. The hardware retailer is currently rebuilding five of its stores that were looted in the unrest. And it opened two new stores, refurbished five, relocated one and closed four in the third quarter. The group has 317 stores. Cashbuild’s share price fell by more than 2% on Wednesday afternoon after the company confirmed that its revenue declined by 11% in the third quarter of 2022, compared to the same quarter in 2021.
The rand was last trading at R15.03/$ - more than 2% weaker than on Tuesday. It was also weaker against the euro and pound . While the implied policy rate path of the central bank’s quarterly projection model, which the MPC uses as a guide, last month indicated a more aggressive hiking cycle - with a repurchase rate of 5.06% by year-end - tightening could be delayed after floods wreaked havoc in the KwaZulu-Natal province.
JSE-listed technology firm Altron has appointed Stewart van Graan, who has been independent non-executive director its board since 2017, as executive chair and acting CEO. Altron, which founded in 1965 by Bill Venter, was operated as a family business until 2015, when they announced that they would relinquish management of the firm.The rand weakened the most in five months and benchmark bonds sold off as rolling power cuts, flood damage and signs of a Covid-19 comeback added to worries about the country’s economic outlook.
"The upgrade is also supported by governance considerations because the company has demonstrated a good track record of adhering to conservative financial policies as well as operating with an independent board of directors since the assignment of Pepkor’s first-time Ba3rating in January 2020,” Moody's said.
Shanghai, the country's economic centre, is in the throes of an intense Covid-19 lockdown with restrictions -- which have also hit tech hub Shenzhen and the northeastern grain basket of Jilin -- shutting supply lines.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Twitter has long been more talk than moneyBillionaire Elon Musk is capturing a social media prize with his deal to buy Twitter, which has become a global stage for companies, activists, celebs and more.
Read more »
EDITORIAL: Magic money lessons for the ANCIf the economic populists in the ANC want a lesson in how ruinous foot-off-the-brake monetary policy can be, here’s a timely lesson from Sri Lanka.
Read more »
Girl, 4, in kidnap-for-ransom ordeal rescued, suspects nabbed during money dropA kidnap-for-ransom money drop was foiled near the Eastgate Mall in Johannesburg on Monday night, leading to the safe return of a four-year-old girl.
Read more »
Golfers facing choice between titles and moneyCollin Morikawa says new Saudi LIV series will not have the same heft as 150th Open
Read more »
EDITORIAL: Magic money lessons for the ANCIf the economic populists in the ANC want a lesson in how ruinous foot-off-the-brake monetary policy can be, here’s a timely lesson from Sri Lanka.
Read more »