Sanlam goes for R1.2bn in Zurich
Sanlam says it will buy a majority stake in Malaysia’s MCIS Zurich Insurance Berhad for about R1.25-billion, further expanding its footprint in the Southeast Asian nation. It also operates in India and 15 African countries.
Anglo American on Thursday reported first quarter copper, coal and nickel output that beat estimates, pushing shares during the day to a seven-month high. But platinum production fell 39% due to a three-month pay strike.
Burger King SA has opened its first meat manufacturing plant in the country to support its expansion on the continent, Business Day reported. The group plans to open 100 stores in five years from the current 10 outlets.
Petra Diamonds’ revenue in the third quarter jumped 55% to $163.9million. The gain in revenue was partly due to the 29.6carat blue diamond found at Cullinan mine near Pretoria and which sold for $25.6-million.
Clicks Group forecast higher earnings this year as the opening of 25 stores will help offset weak consumer spending. Diluted earnings per share excluding onetime items will rise 8% to 12% in the year to August, the company said.
IN its financial stability review, the Reserve Bank said a risk to local financial stability was the tapering of loose US monetary policy and the effect of higher interest rates in advanced economies on emerging markets.
A TECHNICAL glitch delayed the start of trading on the JSE on Wednesday, the latest in a string of errors in recent years, but investors seemed unfazed, taking the Top-40 index to a record high soon after the open.
HEADLINE producer inflation accelerated to 8.2% year on year in March from 7.7% in February, StatsSA said. Headline consumer inflation rose to 6% year on year from 5.9% in February.
MTN Group reported slower growth in subscribers in the first quarter after it disconnected nearly a million unprofitable SA users. CEO Sifiso Dabengwa said “our operating environment remains tough”.
SIBANYE Gold’s March quarter production improved from a year earlier, but failed to match the previous quarter, Business Day reported. The period is affected by a slow start after the festive season.