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CAPE TOWN – Good morning. This is all the latest business news that you need to know today.  

1. British American Tobacco shares fall as global cigarette sales dwindle

British American Tobacco (BAT) shares fell more than 4 percent to R548.45 on the JSE yesterday as it warned of cigarette sales falling globally, even though its chief executive Jack Bowles said the group was on track for a good performance in 2019.

2. Weaker rand gave gold stocks a boost

Listed mining houses yesterday took advantage of the weaker rand/dollar exchange rate as the global trade war continued to rattle risk-averse global investors.

3. National Treasury urged to extend cost-containment rules

The National Treasury has come to the defence of the cost containment measures for local government, saying they promoted better governance and management of finances in municipalities.

4. BDO stands by AYO results

Accounting firm BDO said on Wednesday it did not believe that its unqualified audit opinion of AYO Technology Solutions results ending August 31 would change, based upon the information obtained during the agreed upon procedures (AUP). 

5. Increase in sales reflect stronger second quarter

Data from Statistics South Africa (StatsSA) yesterday showed that retail sales in April increased 2.4percent year-on-year - the strongest gain in retail trade in six months, providing further evidence that the economy began the second quarter on a firmer footing following the first quarter’s 3.2percent plunge.

6. Tsogo Sun Holdings shares dive 18.7% on JSE as it unbundles

Tsogo Sun Holdings plunged 18.7percent on the JSE yesterday as it unbundled its hotel business.

7. Future of Tambo Springs Intermodal Terminal hangs in the balance

The future of Transnet’s multi-billion rand Tambo Springs Intermodal Terminal in Gauteng hangs in the balance after NT55 Investments last night warned the rail and logistics group it would launch an urgent interdict to stop construction should it commence.

BUSINESS REPORT ONLINE