Sales up but current account deficit widens

RETAIL sales grew above expectations by 3.3% year on year in October after expanding by a revised 3% in September, Stats SA said. On a month-on-month basis, sales were up 0.2%. The consensus for October retail sales growth was 2.5%.

AFRICAN Bank Investments, the lender in the midst of a state-rescue plan, said it reduced losses by 22% in the year through September. The net loss narrowed to R7.2-billion from R9.3-billion a year earlier, it said.

THE number of civil summonses issued for debt fell in October compared with a year ago. Stats SA data showed that the number of civil summonses issued had fallen 20.3% year on year. Civil judgments recorded for debt were down 5.9%.

THARISA‚ a platinum group metals and chrome miner‚ posted its maiden annual profit as its new mine neared steady-state production. It reported a $4.6-million profit compared with a $49-million loss the previous year.

SOUTH Africa’s current account deficit widened to 4.1% of GDP in the third quarter of this year from 3.1% in the second, the Reserve Bank said in its quarterly bulletin. Economists had reached consensus on a 4% current account shortfall.

HEADLINE consumer inflation rose 4.8% year on year in November compared with 4.7% in October, Stats SA said. On a month-on-month basis, prices fell 0.1% compared with an increase of 0.3% in the previous month.

MTN Group’s credit rating was cut one level by Fitch Ratings because of the increased risk that it faces in its two biggest markets, Nigeria and South Africa. The rating was cut to BBB-, and the outlook was raised to stable from negative.

SOUTH Africa’s manufacturing output fell 2.1% year on year in October after rising by a revised 1.2% in September, data from Stats SA showed. On a month-on-month basis, factory production was down 1.7%.