Rand falls as Moody's cuts growth forecast, stocks firm

  • 📰 ewnupdates
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

Moody’s is the last of the major international agencies to keep an investment-grade rating on the sovereign and is scheduled to review that assessment in March.

JOHANNESBURG - The rand weakened on Monday, as ratings agency Moody’s cut its forecast for the country’s economic growth due to lacklustre private sector demand at home and power cuts.Moody’s cut its 2020 GDP growth forecast to 0.7% from a forecast of 1.5% set in September, due in part to the detrimental impact of widespread power outages on manufacturing and mining activity.

“The budget speech will be a major risk event that may influence whether South Africa can save or lose its last investment-grade credit rating,” Otunuga added. Amplats, which also has operations in Zimbabwe, jumped 5.4% to R1,329.99 after it said higher metal prices had driven its annual headline earnings per share - the main profit measure used in South Africa - nearly 2-1/2 times higher at R70.87, versus R28.93 a year earlier.

Shares in the miner surged to a 3-1/2-year high, closing 5.89% firmer at R44.58. Amplats and Sibanye topped the Johannesburg All-Share index as well as the Top-40 index.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Weren't Moodys accused of falsifying reports

Who's money is that lying there... 😒

Wakanda now!

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Retail stocks face another tough year as economic growth sputtersRising unemployment and the threat of load-shedding also cast a shadow over the sector
Source: BDliveSA - 🏆 12. / 63 Read more »

How to spot growth and value stocks in a sluggish SA marketCapitec and Clicks are growth superstars, but Shoprite offers an attractive buying opportunity
Source: BDliveSA - 🏆 12. / 63 Read more »

How to spot growth and value stocks in a sluggish SA marketCapitec and Clicks are growth superstars, but Shoprite offers an attractive buying opportunity
Source: BDliveSA - 🏆 12. / 63 Read more »

Stage 3 power cuts set to continue until Monday morning - Eskom - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Cash strapped power utility, Eskom, has warned that the loadshedding situation could change at short notice because of aging and unpredictable power plants. hehehe EFF is delaying SONA, we want to hear the President. u heard him, did his speech bring end to Loadshedding 👎👎 And from Monday they continued through out the week
Source: SABC News Online - 🏆 32. / 51 Read more »