Rand shrugs off downgrade but SA should still be worried

South African government bonds weakened earlier after S&P Global Ratings on Friday downgraded the country’s local currency debt to sub-investment grade, while foreign currency debt was pushed deeper into “junk” territory. Moody’s decision to only place South Africa on review for downgrade had brought some relief to the currency but the country’s next even risk is remains the ANC December elective conference. Joining CNBC Africa to discuss the impact of South Africa’s recent credit ratings downgrade and the impact this will have on the wider economy and retail facing stocks are Annabel Bishop, Chief Economist, Investec, Lesiba Mothata, Executive Chief Economist at Alexander Forbes and Michael Treherne, Portfolio Manager, Vestact.

Related Content

COVID-19: Investing for Roubini’s Greater Depression

“The lessons learned from the GFC encouraged policymakers worldwide to work furiously to get economies back into shape through a series of fierce and co-ordinated policy responses to the impacts of Covid-19. In turn, this has encouraged a consensus view amongst economists that the recovery from the crisis will be V-shaped,” writes Cannon Asset Managers CE Adrian Saville.

Coronavirus – Kenya: COVID-19 Update (3rd June 2020)

Download logo- 123 people have tested positive from 2,112 samples tested in the last 24 hours. - Positive cases now stands at 2,216. - Total number of samples tested so far is 85,058.Distributed by APO Group on behalf of Ministry of Health, Kenya.

Coronavirus – South Africa: COVID-19 Statistics in South Africa, 2nd June 2020

Tests conducted: 761534 Positive cases identified: 35812 Recoveries: 18313 Deaths: 755 New cases: 1455Distributed by APO Group on behalf of Republic of South Africa, Department of Health.Media filesDownload logo

Coronavirus – Nigeria: Breakdown of Cases by State (2nd June 2020)

A breakdown of cases by state for 2nd June 2020 in Nigeria.Distributed by APO Group on behalf of Nigeria Centre for Disease Control (NCDC).Media filesDownload logo

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

COVID-19: How can Nigeria’s digital economy be unlocked?

The advent of the Covid-19 pandemic has accelerated the transition to more digitally enabled lifestyles and ways of working globally but according to the United Nations Conference on Trade and Development, gaps and risks implicit in the digital economy are more exposed by the Covid-19 shock. So how can Nigeria fully unlock its digital economy? Uzoma Dozie, Founder and CEO of Sparkle; a newly launched Nigerian digital platform says they are looking to remove barriers using technology and data. He joins CNBC Africa for more.

Nelisiwe Magubane appointed new chairperson of Strategic Fuel Fund

The Strategic Fuel Fund is the state-owned entity that manages South Africa's strategic crude oil stockpile has appointed the former director general for the Department of Energy, Nelisiwe Magubane as its new chairperson. Nelisiwe joins CNBC Africa for more on her new role amid the global oil price and output tensions.

How the COVID-19 lockdown is impacting petrol supply in SA

Petrol prices in South Africa hiked up yesterday amid most of the global economy reopening and oil supply expected to rise. However, according to concerns raised by the parliamentary portfolio committee, they may be a diesel shortage in South Africa due to the slowdown in national refinery production. Joining CNBC Africa for more is Avhapfani Tshifularo, Executive Director at the SA Petroleum Industry Association.

COVID-19: NAAMSA CEO on SA’s vehicle sector outlook for 2020

One of the hardest hit industries during the Covid-19 crisis is the automotive sector, with South Africa’s new vehicle sales for the month of May plunging by 68 per cent in and 98 per cent in April. The slowdown in car manufacturing and consumer purchasing power was due to the strict Covid-19 lockdown that was implemented by the South African government at the end of March. Joining CNBC Africa for more is Mike Mabasa, CEO, National Association of Automobile Manufacturers of South Africa.

Partner Content

Sanlam Emerging Markets and its partners on the African continent invest over $12 million to fight COVID-19

As we go through this global pandemic together, it is the little things we miss. A high five, a handshake, a walk...

VIVO CEO is a dynamic leader for this innovative global brand

May 2020 -- Six months ago the vision for vivo in South Africa was just beginning to...

Trending Now

President Buhari to AfDB President Adesina: “I’ll stand by you”

While hosting African Development Bank (AfDB) President Akinwumi Adesina on a courtesy visit at State House on Tuesday, Nigerian President Muhammadu Buhari said the country will support Adesina in his bid to get re-elected as President of the multilateral bank.

COVID-19: Investing for Roubini’s Greater Depression

“The lessons learned from the GFC encouraged policymakers worldwide to work furiously to get economies back into shape through a series of fierce and co-ordinated policy responses to the impacts of Covid-19. In turn, this has encouraged a consensus view amongst economists that the recovery from the crisis will be V-shaped,” writes Cannon Asset Managers CE Adrian Saville.

Nigeria’s president backs embattled African Development Bank chief

ABUJA (Reuters) - Nigerian President Muhammadu Buhari on Tuesday gave his backing to the head of the African Development Bank (AfDB), Akinwumi...

COVID-19: Nigeria eyes resumption of domestic flights from June 21st

Nigeria’s aviation sector may resume domestic operations from the 21st of June this year according to the Presidential Task Force on COVID-19. Meanwhile, the Nigeria Civil Aviation Authority says only five airports will be operational when the restrictions are lifted. Gbenga Olowo, President of the Aviation Roundtable joins CNBC Africa for more.
- Advertisement -