1. We were on track for a solid petrol price cut thanks to falling oil prices and a stronger rand. But it all came to naught. Government instead hiked a once-off levy to claw back the money it lost when it absorbed September’s price hike. The petrol price will remain unchanged but diesel will increase by between 48 and 51 cents a litre.
2. Apart from being struck by a falling meteor, home affairs minister Malusi Gigaba has basically seen most kinds of trouble in the recent past. The latest setback came in the form of a draft parliamentary report into Eskom, leaked to Business Day. The report recommends that Gigaba and former public enterprises minister Lynne Brown should be criminally investigated for their alleged role in state capture. Gigaba said he would consult with the ANC and his lawyers.
We expect the Speaker to act to restore the dignity and integrity of Parliament. Our Parliament is not a Kangaroo Court which leaks incomplete reports, which may still change, to assassinate the characters of those who appear before it. https://t.co/vTxYOLrRUn— Malusi Gigaba (@mgigaba) November 5, 2018
3. Markets are in wait-and-see mode ahead of the US
mid-term elections today. But the dollar took a hit amid the uncertainty,
pushing the rand to an almighty R14.15/$.
4. AngloGold Ashanti said its quarterly output was down 15% after it closed a mine and sold two other mines to competitors.
5. Transnet has a new acting CEO after Siyabonga Gama was fired. Tau Morwe has been with Transnet for the past 17 years, and was previously CEO of the the National Ports Authority.
Bright Khumalo, portfolio manager at Vestact Asset Management, yesterday shared a list of the biggest gainers and losers among the 40 largest listings on the JSE:
"Diversified miners and commodity companies are flying!" Anglo American, BHP Billiton, AngloGold and Sasol benefited from a bounce in resource prices.
But Khumalo said "quality" companies are definitely out of favour due to company-specific hiccups ranging from bad acquisitions, lack of growth and listeriosis.
The latter badly affected Tiger Brands, which was the biggest loser. The company still faces a massive class action suit on top of the estimated more than R800 million of losses. The pharmaceutical company Aspen has also lost a chunk of its value amid worries about its debt and the lower-than-expected valuation of its nutritionals business.
Also from Business Insider South Africa