Picture: Bongani Shilubane/ African News Agency (ANA)
Picture: Bongani Shilubane/ African News Agency (ANA)

7 things you need to know today

By Dhivana Rajgopaul Time of article published Nov 20, 2020

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

1. Sarb keeps repo rate at 3.5%

The South African Reserve Bank (Sarb) yesterday slashed consumers’ hopes for an early Christmas present when it indicated that the rates cutting cycle was over and leaving the repurchase rate (repo rate) unchanged for the second consecutive time.

2. Decline in group sales hits Woolies

Woolworths (Woolies) traded lower yesterday as the market digested the 2 percent decline in group sales during the first 20 weeks of the financial year on lower footfall and store closures due to Covid-19 across all of its markets.

3. Absa puts brakes on dividend after warning profits could fall by 40%

Absa yesterday slammed the brakes on dividend payment after it warned shareholders that its profits were expected to tumble more than 40 percent for the year to end December.

4. AYO maintains stable revenue growth

Ayo Technology Solutions (AYO) managed to navigate much of the Covid-19 fall-out and maintained stable revenue growth in the year to end-August, chief executive Howard Plaatjes said yesterday.

5. Rand trades on the back foot after repo rate remains unchanged

The South African currency lost traction ahead of the Sarb’s decision to maintain the benchmark interest rate at a record low of 3.5 percent according to NKC Research.

6. Life Healthcare takes Covid-19, Scanmed knock

Life Healthcare yesterday reported a 45.1 percent decline in earnings for the year to end September, hurt by an impairment charge in Scanmed, Covid-19 outbreak and a provision for additional expected credit losses.

7. Investec declares interim dividend of R1.12

Investec yesterday declared an interim dividend of 5.5 pence (R1.12) a share for the six months to end September, boosted by a strong capital, funding and liquidity position, despite the Covid-19 impact on its business.

BUSINESS REPORT ONLINE

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