Hits&Misses

Trade surplus recorded, while sentiment in manufacturing slumps

SA’S trade balance swung into a larger-thanexpected surplus of R6.84bn in August, according to data from the South African Revenue Service. This was thanks to a monthon-month increase in exports of 8.4% from

July to August, while imports fell by 1%. The surplus follows July’s revised deficit of R3.72bn.

FAMOUS Brands said interim earnings would rebound, as it continues to try to put problems at its Gourmet Burger Kitchen behind it. Basic earnings per share were expected to show up to a 131% improvement against the prior period’s 572c loss. SA’S mining industry recorded fewer deaths in the first nine months of this year, the lowest rate since the industry began tracking its safety performance 100 years ago. As at September 23, the number of fatalities was 35, signalling a significant improvement on 2018, when there were 71 deaths in the comparative period. gauge measuring sentiment in the manufacturing industry fell to its lowest level in more than a decade in September. Absa’s purchasing managers’ index, compiled by the Bureau for Economic Research, fell to 41.6 from 45.7 in August. The median estimate of three economists in a Bloomberg survey was 46.5.

RATINGS agency Fitch Ratings lowered its outlook on Eskom’s junk-status credit rating to negative, saying the embattled power utility’s revenue prospects had darkened. The company’s standalone credit profile has been lowered to ccc-, due to the expectation of higher primary energy costs and lower tariff awards.

THE Reserve Bank highlighted the country’s deteriorating fiscal circumstances, thanks largely to bailouts for ailing parastatals, as one of the main risks to the economy, in its latest monetary policy review.