Renergen, an emerging gas and helium producer, has signed a $500 million debt retainer letter with the US International Development Finance Corporation for phase 2 of its Virginia gas project in the Free State.
Futures in Singapore crept higher on Monday morning after surging more than 7% last week on optimism over China’s plans to get the economy moving again after sweeping lockdowns.Asian markets were mixed on Monday following a steep drop on Wall Street in response to a forecast-topping US jobs report that gave the Federal Reserve room to continue hiking interest rates as it struggles to contain surging inflation.
The jump in inflation has forced finance chiefs around the world to tighten monetary policy, with the European Central Bank indicating it will raise rates in July for the first time in more than a decade. Hong Kong, Tokyo, Shanghai and Taipei all rose, but there were losses in Sydney, Singapore, Manila and Jakarta.
The company is struggling under a R6.8-billion debt burden, and hoped that a rights issue of up to R5 billion would provide a reprieve.Mauritius-based company Magister Investments – which has close ties to the Zimbabwean Rudland family, which owns the controversial cigarette group Gold Leaf Tobacco Corporation - has committed some R2 billion to underwrite the rights issue, which will see it potentially take control of the sugar and property group.
The JSE's All-Share Index was flat, with Implats and Northdam down more than 4%. The rand strengthened to R15.53/$. "This employment report was still too good overall to convince the market that the Federal Reserve is going to pause its rate hikes" after increasing them by 50 basis points at its policy meetings in June and July, said Briefing.com analyst Patrick O'Hare.
Fed Vice Chair Lael Brainard warned on Thursday that she did not yet see any reason to take a breather in the third quarter. "The most anticipated OPEC+ meeting of the year turned out to be a damp squib in the end," said Jeffrey Halley, analyst at online trading platform OANDA. "The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products," the group said of the move.
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