SA Market Overview | 8-12 July
Outline
● The South African rand remains stable, trading at R18.13 against the US dollar, as markets await Federal Reserve Chair Jerome Powell's testimony and U.S. June inflation data for interest rate clues.
#USDZAR.
● Eskom announced the resumption of load reduction, while load shedding remains suspended. Load reduction, aimed at preventing infrastructure damage due to illegal connections, will occur during peak hours. Eskom stated this measure is essential to protect assets and prevent prolonged outages in high-risk areas. Load shedding has been suspended for 103 days, indicating sufficient generation capacity for now.
Overview
● Investec has launched a new solar rental solution aimed at helping residential and commercial to deal with load shedding and clients who don’t want to pay out large sums upfront. The share price has surged 11% year-to-date.
#INL
● Anglo American is considering selling its coal business, possibly excluding its damaged Grosvenor mine after a recent explosion. This sale is part of a broader restructuring plan, which also includes spinning off its platinum unit and exiting its diamond miner De Beers. Strong interest in the assets encouraged Anglo to proceed with the sale, aiming to complete it by the end of the year.
#AGL
● Sibanye Stillwater announced it has cut around 2,000 jobs from its gold operations, about half the positions initially expected to be impacted. This reduction comes after restructuring efforts affecting employees and contractors, with 111 retrenched, 1,130 contractors impacted, 629 voluntary separations, and 116 positions cut through attrition. Overall, since early 2023, Sibanye's workforce in South Africa has been reduced by 14%.
#SSW
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