Africa-Press – South-Africa. CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
1. Icasa readies legal defence against MTN
The Independent Communications Authority (Icasa) is preparing to oppose MTN South Africa’s litigation to have certain aspects of the upcoming high-demand spectrum auction declared unlawful and set aside.
2. WEF eyes benefits of an accelerated free trade area
African delegates at the World Economic Forum (WEF) on Friday agreed that the continent could accelerate the build-up of productive infrastructure through the African Continental Free Trade Area (AfCFTA).
3. Markets cheer robust Sasol profit forecast
Sasol surged on the JSE on Friday after a robust profit forecast for its 2021 half-year ended December as efforts to reduce operating cost and delay capital spend in an uncertain environment paid off.
4. EOH cuts its debt by R409m after strategic disposal of assets
EOH Holdings said on Friday that it had managed to reduce its debt by a further R409 million using proceeds from the disposal of assets as it continues on its road to recovery.
5. Barloworld shares spike 63% in three months despite volatile trading conditions
Heavy equipment and automotive group Barloworld traded well in the three months to December 31, 2020, supported by actions taken earlier in the year and recent acquisitions performing better than expected.
6. Rand trades stronger against the dollar
The South African rand edged firmer in European trading as the US dollar retreated on the final day of what has been a volatile week for financial markets according to NKC Research.
7. Spur Corporation half-year sales decline by 29.5%
Spur Corporation has continued to be negatively impacted by Covid-19 and trading restrictions as its sales for the six months to end December slumped by 29.5 percent, with John Dory’s Fish Grill Sushi declining the most by 40.1 percent. RocoMammas reported the lowest decline in sales of 15.3 percent.
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