Wiese wins Shoprite battle; consumer sentiment plunges; Moody's hits Eskom; Dischem, Telkom

5:52
 
Share
 

Manage episode 245656792 series 2168632
By Biznews.com. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
  • Christo Wiese, the retail magnate who saw his billions evaporate as the Steinhoff share price plunged amid a financial scandal that erupted in late 2017, has clung to his position of power at supermarket multinational Shoprite.
  • South Africans are feeling very glum about the economy - and that’s official. The FNB consumer sentiment index slumped deep into negative territory during the third quarter of 2019, the bank’s economists report.

  • In a blow for Eskom, Moody’s pushed the state power firm’s credit rating deeper into sub-investment territory on Tuesday, saying a government plan to reorganise the cash-strapped South African firm would be hard to implement without explicit support from the cabinet.

  • Looking at the JSE, the best performer on Tuesday was Dischem, climbing nearly 7% as news emerged that Coronation Fund Managers had acquired a beneficial interest in the securities of the company.

  • Leading the losers on the JSE was Telkom, with its share price plunging nearly 8% on the news that its interim results will disappoint investors.
  • The worst may be over for the world economy’s deepest slowdown in a decade, says Bloomberg. A wave of interest-rate cuts by central banks including the Federal Reserve and mounting hopes of a US-China trade deal are buoying confidence in financial markets just as key economic indicators show signs of stabilisation after recent declines.

1541 episodes