Gold reserves rise, confidence dips

SOUTH Africa’s net gold and foreign exchange reserves rose for the fourth straight month in October to $45.773billion from $45.753-billion in September, according to data from the Reserve Bank. THE HSBC Purchasing Managers’ Index rose to 51.5 in October from 49.8 in September, its biggest growth in 10 months, as producers recovered from strikes. In October, input costs rose at their slowest since the start of 2013. MEDICLINIC, South Africa’s largest private-hospital owner by market value, said firsthalf profit advanced 66% thanks to its debt refinancing and the buyout of the minority interest in Emirates Healthcare. RICHARDS Bay Coal Terminal exported 7.3 million tonnes of coal in October compared with 5.57 million tonnes the previous month, it said. South Africa had 4.5 million tonnes of stock at the terminal at the end of October. ANGLOGOLD Ashanti returned to profit after the price of bullion rose for the first quarter in four. Adjusted headline earnings, which exclude one-time items, were $576-million from a loss of $135million in the previous quarter. SOUTH Africa’s business confidence index nudged down to 91.1 in October from 91.4 in September, with the business mood uncertain partly because of lingering work stoppages, the SA Chamber of Commerce and Industry said. IMPALA Platinum, the world’s second-largest platinum producer, reported a 17% decline in its first-quarter output because an undisclosed global client is no longer sending it recycled material to process. SOUTH African papermaker Sappi reported a diluted headline loss a share of 8 US cents (82c) for the quarter to end-September from a profit of 12 US cents a year earlier following falling demand in its major markets. GROWTH in South Africa’s manufacturing output unexpectedly fell 3.3% year on year in volume terms in September, the first contraction since March, after rising by 0.2% in August, Statistics South Africa said. RETAILER Woolworths Holdings, which has 59 stores in 11 African countries outside its home market, says it plans to close its three stores in Nigeria because of high rental costs, duties and difficulties with its supply chain.