Photo: AP
Photo: AP

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Jun 5, 2020

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

1. FirstRand joins its peers in an expected earnings decline of more than 20%

FirstRand declined more than 3 percent during yesterday’s trading after the financial services group warned that its full-year earnings would fall more than 20 percent during the year end to June, driven by materially higher credit impairment charges.

2. WATCH: Rand trades steady ahead of US jobs day

After a slow start to the session, the South African currency rode the tailwinds of improving risk appetite as the ECB surprised markets with a larger-than-expected liquidity package according to NKC Research. 

3. Fitch lauds SA for its macro policy response

Ratings agency Fitch yesterday warned that the recovery of emerging markets countries might lag behind the Covid-19 pandemic as their macro policy responses had been less aggressive.

4. Oceana growth offset by decline in Daybrook’s profit

Oceana rose nearly 6 percent on the JSE yesterday after Africa's largest black-owned fishing company reported a 9 percent increase in operating profit to R605 million during the six months to end March.

5. Coca-Cola lets 8000 employees 'taste the feeling' of its shares

Coca-Cola Beverages South Africa (CCBSA) said 8000 employees had become shareholders in the business through the Ikageng Employee Share Trust created to offer workers shares and direct economic participation in the business.

6. OR Tambo passes Mbalula’s readiness test, but Acsa sees slow travel demand

The Airports Company SA (Acsa) expects demand for business travel to be slow after three airports opened this week in line with new regulations under lockdown level 3 as Transport Minister Fikile Mbalula said he hoped airports could help reignite economic growth. 

7. Increasing concern about the effects of lockdown

Business sentiment turned negative in May marking the first prolonged subdued outlook as firms became increasingly concerned about the extended coronavirus lockdown.


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