5 things you need to know in SA business and the chirpiest chart we've seen in ages
1. Tensions are running high after a violent and volatile day across the country. More North West towns saw violent protests and looting amid calls for for the embattled North West Premier Supra Mahumapelo to go. Gauteng and the Western Cape also saw big protests over service delivery. A national strike by the South African Federation of Trade Unions (Saftu) added to the volatility.
2. In the second listing IPO U-turn this month, Consol followed Sagamartha Technologies and decided to scrap its plans to list on the JSE. It cited "challenging market conditions", but one analyst says the company was looking for a debt bailout and just wasn't an attractive buy.
3. The rand has tanked to R12.50 to a dollar yesterday, and was trading at R12.35 this morning. The market will watch the producer inflation numbers from Statistics SA later today.
4. Sanlam, Investec and Absa have extended a lifeline to disgraced former Steinhoff CEO Markus Jooste. He owes them R959 million and they gave him to the end of the year to sell his assets (including horses and houses) to repay the money.
5. And in other Steinhoff news, Christo Wiese, its former chairperson, is selling two private jets.
The chirpiest chart we've seen in ages:
The first quarter's FNB/BER Consumer Confidence Index, which measures consumers' willingness to spend money on durable goods, was released yesterday. From the depths of depression, it skyrocketed to a best-ever level of 26 points, shooting past the previous record high of 23 points last seen in the first quarter of 2007. "The extraordinary improvement in consumer sentiment can largely be ascribed to the change in the country’s leadership," says the Bureau for Economic Research.