SA Market Overview | 20-24 May
Outline
● The South African rand traded at approximately R18.12 per USD – its highest level since December last year. This growth has been driven by growing speculation that the African National Congress (ANC) will secure enough votes to prevent the implementation of less market-friendly policies.
● Gold has hit a new all-time high of R44,457.99 after the death of Iranian president, Ebrahim Raisi, in a helicopter crash.
Overview
● Steers and Debonairs owner, Famous Brands, sees opportunity in the Middle East to grow its market share after realising they are boycotting some western brands. The group reported there is interest in the region.
● Vodacom is in discussions with French telecom giant, Orange SA, about a partnership in Africa to explore infrastructure deals that would help keep costs low on the continent.
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