Offshore boosts JSE stocks, bonds

OFFSHORE accounts bought a net R774-million of South African bonds and a net R6.1-billion worth of stocks in the week ending June 28, data from the Johannesburg Stock Exchange showed. THE seasonally adjusted Kagiso Purchasing Managers’ Index increased by 1.2 points to 51.6 in June. The index has now been above the important 50-point mark for three consecutive months. SHARES of Pan African soared almost 7% as the precious metals producer poured the first gold from its Barberton tailings retreatment project. At full production the project will boost output by 20% a year. THE National Association of Automobile Manufacturers of SA said the number of new vehicles sold in June increased by 3.3% to 53 562, despite sales of new vehicle exports in June declining 10.6%. VODACOM Business‚ a unit of Vodacom Group‚ plans to grow its revenue 25% in the next five years by targeting small and medium-sized enterprise clients. The division at present generates R8-billion in annual revenue. THE average house price for June showed year-on-year growth of 6.6% in nominal terms‚ up from May’s revised 6.2%‚ according to the latest FNB house price index. The average value of homes was R891 266. BUSINESS confidence in South Africa slipped to 90.2 in June from 90.4 in May, said the SA Chamber of Commerce and Industry — partly hit by recent volatile activity in global financial markets. RICHARDS Bay Coal Terminal saw a 2.8% year-on-year fall in tonnage shipped to 5.3 million tons in June after a 6% year-on-year fall in May owing to coal-line maintenance by Transnet Freight Rail. THE SA National Roads Agency defended its ballooning advertising spend‚ which has shot up 200% to R87.1-million since the announcement of the e-tolling system‚ saying it was necessary to achieve its goals. SOUTH Africa’s net gold and foreign exchange reserves fell for the fifth straight month in June, dipping to $44.604-billion from $45.416-billion in May, data from the Reserve Bank showed on Friday.