Rain’s 5G improves climate but retail sales barely wet the ground

RAIN,

the data-only network operator partly owned by Patrice Motsepe, Paul Harris and Michael Jordaan, said it had activated Africa’s first commercial 5G network, making it available to selected existing customers. The 5G wireless data network was deployed in parts of Johannesburg and Tshwane.

COMAIR,

which is under new management, is expanding into aircraft maintenance and airport lounges to maintain its record of 70 years of uninterrupted profit. The company, which operates British Airways and Kulula, said annual profit almost tripled due to a R1.27bn settlement it received from SAA.

SASOL,

whose share price has fallen a third in three months amid cost overruns at its Lake Charles project, rose to a one-month high on Monday amid a surging oil price. A drone attack on oil facilities in Saudi Arabia prompted the biggest intraday spike in oil prices yet.

RETAIL

sales grew by a muted 2% year on year in July, Stats SA said, down from the previous month’s 2.4%. The outcome, well below market expectations of 2.6%, reflects a stillconstrained consumer environment, according to economists.

PETRA

Diamonds’ shares fell to a record low after its annual financial results showed the ravages of low global diamond prices. Petra, which is listed in London but has all but one of its four mines in SA, reported a post-tax loss of $258m for the year to end-June compared to a $203m loss the year before. Its shares fell by 7% to 8p, which Reuters reported was a record low.

THE

annual inflation rate rose more than forecast in August as food prices grew at the fastest pace in more than a year. Consumer prices grew 4.3% compared with 4% in July, Stats SA said.

The median estimate of 16 economists in a Bloomberg survey was 4.2%.