7 things you need to know today, Newsline

CAPE TOWN – Good morning. This is all the latest business news that you need to know today.

1. Development Bank grows value of its assets to more than R100bn

The Development Bank of Southern Africa (DBSA) provided R15.4 billion towards social and economic infrastructure projects in its past financial year, and it grew the value of its assets by 12 percent to more than R100bn, chief executive Patrick Dlamini said on Friday.

2. Richemont shares climb on deal to enhance its access to Chinese market

Richemont shares surged more than 11 percent on the JSE on Friday after the Swiss luxury goods company announced a global strategic $1.1 billion (R17.14bn) partnership with Alibaba and Farfetch to accelerate the digitisation of the luxury goods industry.

3. Pepkor’s shares rise on improved conditions

Pepkor Holdings’ shares closed more than 7 percent higher on the JSE on Friday after the retail group said trading conditions had improved since the relaxation of the national lockdown, with revenue up 1.9 percent to R70.9 billion for the year to the end September.

4. Rand retains momentum on the back of the US election

The South African rand retained positive momentum on the back of external factors –a Biden presidency – as US elections continued to dominate global headlines.

5. Automotive group Motus in positive earnings prediction

Automotive group Motus Holdings’ share price increased by up to 18 percent on Friday morning after it released guidance that earnings per share will vary between 430 cents and 505c in the six months to December 31, compared with 479c at the same time a year previously.

6. Net1’s vision for SA remains on track despite operational loss

Net1 UEPS Technologies’ shares shed nearly 3 percent on the JSE on Friday after the financial technology group reported that its operating loss widened by 90 percent for the first quarter to the end of September, hurt by the Covid-19 outbreak and a 14 percent weakening of the rand against the dollar.

7. No evidence resilient REIT guilty of market abuse

The Financial Sector Conduct Authority (FSCA) has closed its long-standing investigation into Resilient Reit (real estate investment trust) and has found no evidence of market abuse by the parties concerned, a statement said on Friday.

BUSINESS REPORT ONLINE