Update on S.African markets

by Trust Matsilele 0

Visual International is a property development company that is listing at a time when the sector is going through consolidation.

“It might be to raise capital in an industry that is consolidating so that they may pick up some acquisitions,” Mike Howarth. Managing director for Applied Capital Insights told CNBC Africa.

[DATA BCX:Business Connexion Group Limited], an IT infrastructure company opened firmer after finishing at 7.4 per cent yesterday. The company in yesterday’s trading went up by nine per cent.

[DATA TSG:Telkom SA Soc Limited] which is making a second attempt to buy IT company for 2.7 billion rand was down by 1.8 per cent yesterday was still down at the time of opening markets this morning.

[DATA INL:Investec Limited]’s improved results released yesterday has seen the company opening firmer this morning. Recently, the company’s subsidiary, Investec Asset Management successfully made a bid to buy a stake in Umeme, the leading electricity distribution company in Uganda.

On currency performance, the rand was trading at 10.34 to the dollar at the time of opening, a slight weakening comparable to yesterday closing when the local currency was trading at 10.33 to the US dollar.

President Jacob Zuma is expected to make the announcement of his cabinet this Sunday likely to have an influence on the markets.

Among other sectors, the Finance, Labour, Agriculture and Economic Development Ministries will be critical in determining economic fortunes of the country.