Star 2024-12-05

CFI Financial Group, a global leader in online trading, yesterday officially launched its operations in South Africa. CFI said this expansion reflects commitment to bringing innovative and secure online trading services to the African market. It also aligns with the company’s vision to empower traders and investors worldwide with cutting-edge financial solutions. The launch follows the successful acquisition of a Category 1 Financial Service Provider (FSP) licence from the Financial Sector Conduct Authority (FSCA) earlier this year, enabling CFI Financial, the group’s South African subsidiary, to begin offering a broad range of advanced trading technologies and financial products to local traders. A key part of this expansion is the appointment of Zihaad Israfil as CEO of CFI South Africa. With nearly 20 years of experience in the financial markets, Israfil…

Super Group’s share price ramped up 19.6% to R33.14 yesterday after it announced a plan to pay a special dividend of around R16.30 per share, should the R7.53 billion sale of its stake in Australia-based SG Fleet Group go ahead. With SG Fleet comprising about half of Super Group’s earnings, Urquhart Investments (@UrquhartPartner) commented yesterday on X: “Few management teams would consider shrinking their empire dramatically, even if it is in shareholders’ best interests, but this might be the case here.” Australia-based SG Fleet is in discussions with private equity firm Pacific Equity Partners (PEP) for PEP to acquire all of the shares of SG Fleet at a price of AU$3.50 per share. SG Fleet has proposed a scheme with PEP-owned Westmann Bidco, for Bidco to acquire 100% of SG…

FNB notes a much-improved willingness and ability to spend compared to last year Shopping activity in South Africa is expected to increase slightly this festive season on the back of easing rate of inflation and borrowing costs and early retirement withdrawals, in spite of sentiment remaining uninspired in the negative territory as financial pressures weigh on consumers. While the headline consumer price inflation has fallen to 2.8%, sentiment among consumers has remained subdued as household finances have deteriorated. The FNB/BER Consumer Confidence Index (CCI) released yesterday edged one point lower to -6 during the fourth quarter of 2024, down from -5 in the third quarter, which was the highest since the first half of 2019. Even though it had soared from -15 index points in the first quarter of 2024,…

THE Development Bank of Southern Africa (DBSA) released its reviewed condensed interim financial statements yesterday for the six-month period ended September 30, showing resilience amid global economic challenges. Despite macroeconomic headwinds, DBSA reported a marginal increase in net profit and strong asset quality metrics. For the period under review, DBSA’s net profit rose by 1%, reaching R2.2 billion, compared to R2.1bn in the prior year. However, operating income saw a slight decline of 2.8%, dropping to R3.6bn from R3.7bn in 2023. Sustainable earnings, a key metric for the bank, surged by approximately 32%, amounting to R2.5bn. DBSA improved its cost-to-income ratio, which decreased to 21.5%, compared to 22% in the prior year. The bank’s focus on operational efficiency continues to pay off, keeping the ratio well below the 35% threshold.…

The rand remained virtually unchanged yesterday though stocks on the JSE gained slightly after Moody’s Investor Services affirmed South Africa’s sovereign’s long-term foreign and local currency debt ratings at ‘Ba2’ and maintained the stable outlook. This country review by Moody’s implies neither a credit rating upgrade nor downgrade was currently likely for around the next 18 months. The local currency started the day at R18.10 to the US dollar and weakened 0.4% to R18.18/$1 during the day before settling at R18.10/$1 in the afternoon. But the JSE All Share index was up 0.6% to 86 315 index points by 5pm, driven by a surge in Karooooo, Tiger Brands, Absa, Pepkor, and Barloworld stocks. According to Moody’s, the ratings affirmation reflected South Africa’s credit strengths from effective core institutions such as…

The youth were key to developing the African Critical Minerals sector Dr Milka Madahana, a senior lecturer at the School of Mining Engineering at the University of the Witwatersrand told the second African Minerals Summit at the Sandton Convention Centre this week. “Africa’s potential to become a global leader in the critical minerals industry depends on empowering its youth,” she said. She suggested that some of the ways that the youth could be empowered would be for the government to invest in education and infrastructure to build a capable workforce by developing youth-focused employment schemes and apprenticeships. The government should also encourage local content policies to ensure young Africans benefit from mineral resources, so that the youth are well-prepared for the critical minerals industry through education, skills development, and career…