SA Market Highlights | 18 - 22 March
Outline
● The South African rand has weakened this week against the US dollar by 1.13% by 12:16 to R18.97. The rand could be in for a volatile week as inflation in the US is still proving difficult to curb.
● Investors will keep a close eye on data for February inflation numbers which will be released on Wednesday.
Overview
● The Prudential authority of the SA Reserve Bank has approved Capitec’s increased shareholding in Avafin holding which is an international online lending group from 40.66% to 97.69% at a purchase price of R534 million. This exposes Capitec to the international online credit market and for diversification in revenue.
● The Johannesburg stock exchange announced on Monday that it has signed a deal with Amazon Web Services to modernise its system infrastructure and technology with the use of artificial intelligence, which will help lower operating costs.
● Vodacom said it plans to cut jobs in South Africa to help reduce its costs. It plans to cut 80 jobs at all levels of the company. The SA platinum industry is also in the process of cutting about 6000 jobs. The current jobless claim is sitting 32.1%.
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